by Christopher Freeburn | February 7, 2013 11:37 am
Poor results from a late-stage trial has prompted Eli Lilly (NYSE:LLY) to abandon further research on a potential treatment for rheumatoid arthritis.
The company said testing of tabalumab in patients experiencing moderate to severe rheumatoid arthritis showed that the drug did not significantly improve their condition. Lilly will take a $50 million charge during the first quarter for stopping the drug’s development, Reuters noted.
More than 1.3 million Americans suffer from rheumatoid arthritis, which causes painful joint and tissue inflammation.
While Lilly will no longer pursue tabalumab for rheumatoid arthritis, the drug will continue in clinical trials for the treatment of systemic lupus erythematosus and multiple myeloma.
Shares of Eli Lilly fell about 1% in Thursday morning trading.
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