** Shares of cancer drug developer iTeos Therapeutics ITOS.O rise 13.6% to $7.86
** ITOS and partner GSK GSK.L say they have terminated development of their experimental lung cancer therapy after its failure to significantly improve progression-free survival in two mid-stage trials
** ITOS says it has initiated a review of strategic alternatives to conserve cash
** "As most investors have already thrown in the towel on TIGIT, the decision to terminate the partnership is viewed as a relief to preserve resources for its Ph 1-stage pipeline" - J.P.Morgan analyst Brian Cheng
** The discontinued drug belongs to a class of treatments focused on the TIGIT receptor that has fallen out of favor in recent years after a spate of clinical setbacks due to low efficacy
** As of last close, ITOS up 4.4% YTD
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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