ArQule, Daiichi’s colorectal cancer drug fails trial

(Reuters) – An experimental colorectal cancer drug being developed by ArQule Inc and Japan’s Daiichi Sankyo Co Ltd failed to improve patient survival without the cancer worsening, in a mid-stage trial, sending ArQule’s shares down 18 percent. ArQule shares were down 15 percent at $2.48 on the Nasdaq on Friday morning. They touched a low of $2.39 earlier in the session. The trial, which enrolled 122 patients with refractory or relapsed colorectal cancer, also failed to meet the secondary goal of showing improved response to the drug tivantinib. …