Emisphere Hit on Study

Emisphere (EMIS Quote) plunged 20% in furious trading Monday after the biotech reported results of a Phase 2 trial in type-2 diabetics.

The Tarrytown, N.Y., company said the study showed its oral insulin "had no statistical difference in hypoglycemic episodes, serious adverse events, or insulin antibodies vs. placebo."

The company said it was pleased with the study results, which it said met its objectives for both safety and efficacy.

But the company also said certain dose response values "did not reach statistical significance."

Shares fell $1.63 to $7.25.