10:20 AM EST, 12/20/2024 (MT Newswires) -- Apollomics ( APLM ) shares were down more than 13% in recent Friday trading after the company said it will terminate its phase 3 study in relapsed or refractory acute myeloid leukemia, which "did not demonstrate favorable benefit for uproleselan."

Chief Executive Guo-Liang Yu said the results were expected because a global phase 3 trial conducted by its partner Glycomimetics in a similar patient group earlier this year failed to meet its primary goal.

"Our regulatory and commercial strategy in China has always required a positive global phase 3 trial, and therefore we are currently wrapping up this program," Apollomics ( APLM ) Chief Executive Guo-Liang Yu said.

The company said it expects future uproleselan program costs to be under $500,000.

Price: 8.15, Change: -1.25, Percent Change: -13.30