Depomed Trial Disappoints; Shares Plunge

(Updates stock price and provides further detail from the company's press release announcing the results.)

MENLO PARK, Calif. (TheStreet) -- Depomed(DEPO Quote) released disappointing results Monday for a phase-3 clinical trial of Serada, a treatment for hot flashes caused by menopause.

Investors reacted swiftly, sending shares of the company down 33%, or $2.12, to $4.24 in early trading Monday. In the first 15 minutes of trading, volume reached 1.5 million shares; turnover in Depomed issues averages 450,000 shares a day. ...