Genitope Holders Bug Out

The shares are down nearly 30% after a data board recommends continuing a lymphoma trial.
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Shares of

Genitope

(GTOP)

were being battered Tuesday, a day after the biotech company said its independent data safety-monitoring board recommended it continue trials of a proposed lymphoma treatment.

The recommendation will delay talks with the Food and Drug Administration about the product's possible approval.

In arriving at its conclusion, the monitoring board reviewed the first planned interim analysis of data for efficacy of the MyVax personalized immunotherapy in a Phase 3 clinical trial for follicular non-Hodgkin's lymphoma. The next interim analysis of data for effectiveness is scheduled for mid-2006.

Recently, Genitope shares were sinking $3.45, or 28%, to $8.76. Volume was much higher than average.

MyVax is the Redwood City, Calif., company's lead product candidate. The clinical trial covers patients with previously untreated follicular non-Hodgkin's lymphoma. The trial compares patients treated with MyVax to patients receiving a nonspecific immunotherapy control.