The U.S. pharmaceutical company Bristol-Myers Squibb has halted development of tanespimycin, a new drug that had been in late-stage clinical trials as a potential treatment for multiple myeloma.

In a statement to The Myeloma Beacon, a Bristol representative explained that “After careful assessment and consideration, Bristol-Myers Squibb made the decision to terminate our development program for tanespimycin, which was in Phase 3 trials for the potential treatment of multiple myeloma.” 

The Bristol-Myers statement was issued after the Beacon inquired about the status of the tanespimycin development program. 

In a subsequent clarification to the Beacon, Bristol …