07:32 AM EDT, 06/24/2024 (MT Newswires) -- G1 Therapeutics ( GTHX ) said on Monday it has winded down the phase 3 study of its experimental drug, trilaciclib, administered before chemotherapy in patients with a type of breast cancer after it failed to show statistically significant treatment effect compared to the control arm.

The company will discontinue the anticipated staff hiring and investment in the indication and trim headcount outside the existing commercial organization.

The drug maker said it will now further focus on accelerating and expanding the growth of its lung cancer treatment business to achieve anticipated profitability in H2 2025 and evaluate other myeloprotection uses for trilaciclib.

"We are also pursuing ex-US partners to expand the use of Cosela globally", said Jack Bailey, CEO of G1.

G1 reaffirmed its full-year 2024 Cosela net revenue guidance and updated its cash runway guidance.

The company's shares fell 50% in premarket trading.

Price: 1.2400, Change: -1.24, Percent Change: -50.00