Caladrius Biosciences Inc CLBS, a penny-stock clinical-stage biopharmaceutical company announced after Wednesday's market close it will discontinue an ongoing Phase 3 study.
Shares of Caladrius Biosciences plunged nearly 40 percent following the announcement.
Caladrius Biosciences detailed a "comprehensive review" of its existing operations and development pipeline. As part of the new strategic shift, the company will discontinue a Phase 3 study of CLBS20 as as monotherapy for metastatic melanoma.
The company noted that it will pursue licencing or partnership opportunists given the "potential of CLBS20 as a life-prolonging immunotherapeutic.
Caladrius Biosciences did confirm its commitment to pursue further development of its immune modulation platform, with a Phase 2 trail for a T regulatory cell therapy in type 1 diabetes as the primary focus.
The stock traded recently at $0.72, down 32 percent in Thursday's pre-market session.
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