Array BioPharma To Discontinue MILO Study In Ovarian Cancer; Stock Down

(RTTNews) - Array BioPharma Inc. (ARRY) said that it has decided to discontinue the MILO study, a Phase 3 trial of binimetinib for the treatment of patients with low-grade serous ovarian cancer. The decision to stop the study was made after a planned interim analysis showed that the Hazard Ratio for Progression Free Survival (PFS) crossed the predefined futility boundary. Top-line results from the study had been expected in 2017.

In the pre-market trading, the company's shares are down $0.21 or 7.12 percent to $2.74.

The company noted that it will work with investigators to appropriately conclude the MILO study in a manner consistent with the best interest of each patient, while more detailed results will be shared with the scientific community in the future. All other ongoing studies of binimetinib, including the Phase 3 COLUMBUS (BRAF-mutant melanoma) and NEMO (NRAS-mutant melanoma) trials, are unaffected.