CombinatoRx tumbles 74% on setback of drug candidate
CombinatoRx Inc. (Nasdaq:CRXX) lost nearly three-quarters of its value today, plunging well below its 52-week low, after the company announced disappointing results from a clinical trial.
The Cambridge, Mass.-based biopharmaceutical company said before the bell today that a Phase 2b trial designed to study the safety and efficacy of Synavive, one of its potential drug treatments for symptomatic knee osteoarthritis, did not show statistical significance compared to a placebo.
Essentially this means the drug didn’t seem to perform significantly differently than the placebo used in the trial. The company said it plans to further analyze the data before deciding on its next steps.
By midday, CombinatoRx is at $0.78, down $2.22 from Friday’s close. The stock had previously traded as low as $2.86 and as high as $6.99 in the past year.
Trading volume was extremely heavy with more than 1.4 million shares changing hands compared with an average three-month volume of 94,766 shares.
For detailed price information and news stories on CombinatoRx, click CRXX.
