Stock Alert: Calithera Biosciences Tanks 40%

(RTTNews) - Shares of Calithera Biosciences, Inc. (CALA) are currently slipping over 40% after the company said its trial of Telaglenastat in renal cell carcinoma did not achieve primary endpoint.

CALA is currently trading at $2.89, down $2.02 or 41.04%, on the Nasdaq.

The clinical-stage biotechnology company focused on developing small-molecule drugs for the treatment of cancer, announced topline results from the CANTATA clinical study of its glutaminase inhibitor telaglenastat in patients with advanced or metastatic renal cell carcinoma.

As compared to treatment with cabozantinib, the combination of telaglenastat and cabozantinib did not meet the primary endpoint of improving progression free survival in the study population.

"We are disappointed that the CANTATA trial did not achieve its primary endpoint, particularly on behalf of the people living with advanced RCC, many of whom could benefit from additional treatment options with novel mechanisms of action to address this difficult-to-treat disease," said Susan Molineaux, PhD, president and chief executive officer of Calithera.