Xoma Hit on Pulled Drug Study
Raptiva wasn't working against rheumatoid arthritis.
Shares of Berkeley, Calif., biotech
Xoma
(XOMA) - Get Report
fell sharply in the premarket session after phase II tests studying Raptiva as a rheumatoid arthritis treatment were ended by it and
Genentech
(DNA)
.
The studies were called off after showing Raptiva was having no overall clinical benefit in arthritis patients receiving it. The treatment continues to be evaluated by the FDA as a treatment for psoriasis.
Xoma was recently off 55 cents, or 10%, to $4.90 on Instinet.
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