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Article: Phase II Misses, But Valentis Might Have Found New Drug.
- 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)
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Managing Editor
Valentis Inc. missed its endpoint in a Phase II study of its lead product, Deltavasc, and watched its stock plummet after reporting the news Wednesday. But the trial might have uncovered a product to replace Deltavasc at the top of Valentis' pipeline, which could allow for a regulatory filing along the same timeline.
Investors took little heed, though, as they sold off Valentis' stock (NASDAQ:VLTS), which fell 64.5 percent Wednesday, or $4.29, to close at $2.36. The stock was heavily traded, ending the day at a volume of about 9.7 million shares, about 59 times its average.
But it's well known that in order to succeed, sometimes ...