OncoMed reeling after latest Phase II failure

OncoMed Pharmaceuticals Inc. (NASDAQ:OMED) sank $0.83 (17%) to $4.01 on Monday after it said tarextumab (OMP-59R5) failed to significantly extend progression-free survival (PFS) in the Phase II PINNACLE trial as a first-line treatment for extensive-stage small cell lung cancer (SCLC), missing the study's primary endpoint.

On a conference call Monday, Chairman and CEO Paul Hastings said the company will discontinue all clinical development of tarextumab...