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Wednesday, August 13, 2014

Amgen drug fails to improve survival in multiple myeloma trial, (NASDAQ: AMGN)

Amgen Inc's Kyprolis drug failed to show it could extend survival compared to standard care for patients with advanced multiple myeloma, a type of blood cancer that develops in the bone marrow.Shares of Amgen were down 2.1 percent at $124.66 in after-hours trading on Wednesday.Amgen said the 315-patient, phase III trial also showed an increase in bad kidney events for patients given Kyprolis when compared to the control group and to the risks described on the drug's current label.RBC Capital Markets analyst Michael Yee said failure of the trial "was widely expected," given that patients in the control arm could eventually be treated with Kyprolis if their disease got worse.

Amgen Inc. is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics. Shares of AMGN traded higher by 0.81% or $1.02/share to $127.34. In the past year, the shares have traded as low as $103.88 and as high as $131.24. On average, 2977740 shares of AMGN exchange hands on a given day and today's volume is recorded at 2536887.