** Shares of drug developer Foghorn Therapeutics FHTX.O fall 37.2% to $3.33 in premarket trading
** Company says it will discontinue independent development of its experimental drug, FHD-286, to be used in combination with chemotherapy medication in patients with a type of blood cancer
** In an early-stage trial, the observed response rate from the drug "did not meet the company's threshold to continue development by Foghorn alone" - FHTX
** Foghorn says it is evaluating partnerships and investigator-sponsored trials to advance FHD-286
** Company expects to report results from the trial at a medical conference in 2025
** Says it will prioritize its proprietary pipeline and Lilly LLY.N collaboration programs
** As of September 30, company had $267.4 mln in cash, cash equivalents and marketable securities; the cash supports the company into 2027 - FHTX
** Up to last close, stock down 17.8% YTD
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com;))
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