FDA turns down IDM Pharma, Inc.’s drug

Shares of IDM Pharma, Inc. (Nasdaq: IDMI) are tumbling out of the gate this morning after the biopharmaceutical company reported that the U.S. Food and Drug Administration did not approve its investigational drug mifamurtide for the treatment of non-metastatic osteosarcoma.

IDM said the FDA has requested data from additional clinical trials to demonstrate the benefit of mifamurtide. The FDA has also requested clarification on other sections of IDM’s new drug application.

Non-metastatic osteosarcoma is a rare and often fatal bone tumor that typically affects children and young adults.

Shares of IDM fell 24%, or $0.50, to $1.52 out of the gate Monday.

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