Dec 22 (Reuters) - AlloVir said on Friday it will discontinue three late-stage studies testing its lead cell therapy candidate after an independent safety board said the studies were unlikely to meet their main goals.

The news dragged shares of AlloVir down 57% in premarket trading, after the company also said it will review strategic alternatives including a merger, sale, or divestiture of assets.

The therapy, posoleucel, was being developed for the prevention of certain viral infections, treatment of a viral inflammatory condition called hemorrhagic cystitis and adenovirus infections associated with a type of stem cell transplant.

Posoleucel is a virus-specific T cell therapy, a class of treatments designed to restore immunity in patients with T-cell deficiencies. It targets six viruses.

AlloVir's therapy did not present any safety concerns during the studies, the company said, adding that it will analyze data from the studies for any benefits in disease subpopulations.

As of Sept. 30, 2023, the company had cash, cash equivalents and short-term investments of $213.3 million.

(Reporting by Mariam Sunny in Bengaluru; Editing by Devika Syamnath)