Juno Stock Closed Down After Company Corrects Number of Patient Deaths
NEW YORK (TheStreet) -- Shares of Juno Therapeutics (IBM) - Get Report closed down 5.33% to $28.80 today on heavy trading volume, as the company filed a corrected report of patient deaths in its leukemia drug trials.
The biopharmaceutical company corrected transcripts of a July 7 conference call to say that four patients had died from clinical trials, instead of the three deaths it originally reported.
"Dr. Gilbert mistakenly said 'three' cases out of 129 rather than 'four' cases. The fourth case was a patient treated in the JCAR014 trial," the company noted in a filing with the SEC.
The FDA had put a hold on the JCAR2015 trials, but allowed them to resume after the tests were modified. The JCAR015 is a CAR-T treatment that reuses patient cells to fight cancer, the Fly reports.
Additionally, Juno announced late this afternoon that it bought privately held, Boston-based RedoxTherapies. Juno said the "upfront consideration" for the purchase was $10 million in cash.
The acquisition will allow Juno to access RedoxTherapies' blocker that could be used in cancer treatments, the company noted in a statement. RedoxTherapies Founder Michail Sitkovsky will also be added as a scientific consultant to Juno.
Some 6.59 million shares were traded today vs. the daily average of 2.81 million shares.
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