Cadence Shares Hurt by Pain Drug Trial

The drug Acetavance fell short in a late-stage trial.
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Cadence Pharmaceuticals (CADX) said on Friday that in a pivotal late-stage trial, its IV-administered Acetavance for pain and fever didn't meet a primary endpoint.

Shares of the San Diego-based biopharmaceutical company plunged $8.43, or 60.3%, to $5.59 after Cadence said the drug didn't demonstrate a statistically significant reduction in patients' pain over 48 hours compared to the placebo after abdominal gynecologic surgery.

Acetavance did reduce fever in a separate, smaller study, and was safe and well-tolerated in both studies, according to the company.

The drug was successful in prior late-stage studies on postoperative pain, and is currently sold in Europe by

Bristol-Myers Squibb

(BMY) - Get Report

. Cadence said in a conference call that it will meet with the FDA and discuss the study and results development program.

Aside from Acetavance, Cadence is also developing a drug for the prevention of catheter-related infections.