Immtech Drug Trial Put on Hold

Shares of Immtech Pharmaceuticals(IMM) fell more than 50% Wednesday on news that the Food and Drug Administration put a clinical hold on the company's development program for pafuramidine, an experimental treatment in late-stage studies for treatment of pneumocystis pneumonia and African sleeping sickness.

Immtech, which focuses on developing oral drugs for treatment of infectious diseases, said that preliminary findings from a South African safety study revealed abnormal laboratory values in several volunteers following treatment with the drug. Patients now are being closely monitored for any changes in liver function, though Immtech said at this point no study participants have required treatment or hospitalization for the abnormalities.

Immtech's pafuramidine is also in phase II trials for the prevention of malaria. The company's shares fell $2.95, or 50.6%, to $2.90 in recent trading.

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