SuperGen drug fails European trials; shares plunge 15%
SuperGen Inc. (Nasdaq:SUPG) announced Tuesday that Dacogen, a drug used to treat myelodysplastic syndromes, had failed to show an increase in the median survival time in patients with those disorders. The news sent shares down 15% to $1.74 in larger-than-average volume Tuesday. SuperGen, a Dublin, Calif.-based biopharmaceutical company, said the testing was for European regulators. The U.S. Food and Drug Administration approved Dacogen in 2006 as a treatment for patients with myelodysplastic syndromes, a family of disorders that affect bone marrow and the production of blood cells.
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