Biotech
Forbes Medi-Tech (FMTI) plunged 50% after saying its cholesterol-lowering drug failed to meet the company's goal in a Phase 2 trial.
The company said data from the trial showed the drug, FM-VP4, was dose responsive, produced a statistically significant reduction in so-called low-density lipoprotein, or "bad cholesterol," and maintained an excellent safety profile. But Vancouver, British Columbia-based Forbes said the drug cut LDL cholesterol an average of 9% from baseline at 12 weeks, falling short of the company's 15% reduction target. "While we acknowledge that the results of the trial do not support a blockbuster market potential for FM-VP4, there is a significant market for alternative LDL-lowering products," said CEO Charles Butt. "The company will review further data as it becomes available in the next few weeks and will continue to assess out-licensing opportunities in North America and international markets." Shares fell $1.18 early Monday to $1.19.TheStreet Premium Services
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,419.86 | 1,313.32 | 2,837.36 | 16.25 |
Oil *
103.00
|
|
DOWN
160.83 |
DOWN
19.10 |
DOWN
33.63 |
DOWN
1.06 |
10 Yr
1.62%
SPDR Gold
151.91
|
|
-1.28%
|
-1.43%
|
-1.17%
|
-6.12%
|
Data delayed 20 minutes |
Connect with TheStreet