TG Therapeutics to pull FDA submission for oncology drug; shares slide 24%
Shares of TG Therapeutics Inc. tumbled 24.2% in trading on Monday following the company's announcement on Friday that it had withdrawn an application to get Food and Drug Administration approval for ublituximab and Ukoniq as a treatment for chronic lymphocytic leukemia and small lymphocytic lymphoma. TG said in a news release that it decided to withdraw the application due to updated survival data from a Phase 3 clinical trial. It also withdrew Ukoniq for two lymphoma indications for which the drug has already received FDA approval. The company hosted a call with investors on Monday morning about the decision. TG's stock has declined 63.4% so far this year, while the broader S&P 500 is down 7.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.