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Celsion Shares Nosedive After Cancer Therapy Fails


After almost quadrupling in the past year, the biotech company's stock falls 80%. Thermodox can't meet a primary goal in study of liver cancer patients.

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.

Twitter: @brettchase

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