Abgenix Cancels Clinical Trials for Psoriasis Drug

Biotech firm Abgenix(ABGX Quote) said it was discontinuing its clinical trials of a new psoriasis drug after it failed to meet efficacy endpoints in Phase 2 trials.

The company said the drug, ABX-IL8, designed to treat patients with moderate to severe psoriasis, was well tolerated by patients and had an excellent safety profile, but the drug failed to achieve statistically significant results over the use of a placebo. ...