Shares of cancer drug developer Celsion
(NASDAQ:CLSN) are plunging after the company said
its experimental treatment for liver cancer failed in a late-stage human study.
The stock, which almost quadrupled in the past year, dropped 81% to $1.53 in morning trading Thursday.
Lawrenceville, New Jersey-based Celsion is testing its Thermodox injected drug technology, which delivers chemotherapy in what the company hopes is a more targeted approach to killing cancer. Thermodox is being tested for other types of cancer but, as a therapy for liver cancer, it was in the third and final phase of studies usually needed for US drug approval.
The results “are not what we wanted or expected,” CEO Michael Tardugno told investors on a conference call Thursday morning.
He said the company will conduct more analysis to determine the “future strategic value” of Thermodox.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.