ImmunoGen Inc. (NASDAQ: IMGN) shares were halved on Friday after the firm reported late-stage results from its ovarian cancer study.

Specifically, the results from its Phase 3 Forward 1 trial evaluating the safety and efficacy of mirvetuximab soravtansine compared to chemotherapy in patients with folate receptor alpha (FRα)-positive, platinum-resistant ovarian cancer.

Ultimately, the trial did not meet its primary endpoint of progression-free surviva in either the entire study population or in the prespecified subset of patients with high FRα expression. The primary endpoint was assessed using the Hochberg procedure in the entire study population and in the subset of patients with high FRα expression.

The firm did not have much to say about what it has planned in the future except that it intends to present additional results from Forward 1 at an upcoming medical meeting.

Dr. Kathleen Moore, associate director of Clinical Research at the Stephenson Cancer Center at the University of Oklahoma, commented:

Even though FORWARD I did not meet its primary endpoint, I continue to be impressed with the efficacy and tolerability of mirvetuximab soravtansine in ovarian cancer patients, especially in the subset with high FRα expression. I look forward to continuing to work with ImmunoGen to analyze the Phase 3 data and determine the most appropriate path to bringing mirvetuximab soravtansine to those patients who benefit most from it.

Shares of ImmunoGen were last seen down 49% at $2.41, in a 52-week range of $2.27 to $13.41.

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