|
|
Article: SGX Stock Plummets After Troxatyl Fails In Phase II/III.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Washington Editor
Shares in SGX Pharmaceuticals Inc. suffered mightily on Tuesday following a Phase II/III study stoppage.
An independent Data and Safety Monitoring Board determined that response rates to Troxatyl were unlikely to prove its benefit as a third-line treatment for patients with acute myelogenous leukemia. The company's stock (NASDAQ:SGXP) plunged 41.1 percent on the news, falling $1.89 to an all-time low of $2.71, since the shares began trading publicly six months ago, when the company sold 4 million common shares at $6 apiece in its $24 million initial public offering. (See BioWorld Today, Feb. 2, 2006.)
Though the recommendation ...