tanked Tuesday, falling nearly 50% after clinical trial results from the company and its Big Pharma partner
sent investors fleeing.
The companies were conducting studies designed to prove the safety and effectiveness of the drug Entereg, an experimental treatment for opioid-induced bowel dysfunction in patients with chronic noncancer pain.
While one of two identical phase III studies achieved its goal, the other did not. A phase IIb study of the drug also failed to reach its goal. However, both of the trials that missed their main targets did achieve a secondary objective of altering the average weekly frequency of spontaneous bowel movements, the companies said.
Adolor's shares were plunging $11.59, or 46%, to $13.38 on volume that was more than 40 times heavier than normal. By midday, nearly 18 million shares had traded, compared with the average total for a full session of just under 400,000.
The stock earlier traded as low as $11.85. Meanwhile, Glaxo was down 35 cents, or 0.6%, to $56.40.