Updated from 1:23 p.m.

Corgentech

( CGTK) plunged 59% after its edifoligide drug failed in clinical trials to effectively treat vein graft failure of the heart and leg.

The South San Francisco-based biotech company said the so-called E2F Decoy was generally well-tolerated during the 30-day observation period in a 1,400-patient, Phase 3 trial. But the primary and secondary endpoints failed to show a benefit in the edifoligide-treated group compared to the placebo group, as defined as the rate of vein graft failure over the 12 months following surgery.

Corgentech dropped $11.29 to $7.71, while partner

Bristol-Myers Squibb

(BMY) - Get Report

rose a penny to $23.94.

ID Biomedical

(IDBE)

jumped 9% after reaching flu vaccine distribution agreements with three big U.S. wholesalers.

The Vancouver-based company said it hammered out pacts for the marketing and distribution of its Fluviral vaccine with

Henry Schein

(HSIC) - Get Report

,

McKesson

(MCK) - Get Report

and

AmerisourceBergen

(ABC) - Get Report

.

ID Biomedical said it expects Fluviral to be licensed in the U.S. by at least the 2007/08 influenza season, meaning the transaction will cover at least eight flu seasons. The company said the deal could be worth between $2.3 billion and $2.5 billion to it.

ID Biomedical shares added $1.55 to $18.36.

QMed

(QMED)

fell 13% after the Eatontown, N.J., provider of disease management services completed a $6 million private placement at a discount.

QMed sold 571,428 shares to unnamed institutional investors at $10.50 apiece, which is more than $3 below the stock's closing price Friday. QMed said the deal represented a 6% discount to the stock's average trading price over the preceding 10 days.

QMed said it would also issue rights to buy 142,856 shares at $11 apiece. These rights will expire 30 days after the effective date of a resale registration statement covering the shares, which the company must file within 30 days of the closing.

QMed fell $1.80 to $11.75.

Genta

( GNTA) surged 49% after saying studies indicated its Genasense anticancer injection showed "synergistic activity" with two non-Hodgkin's lymphoma drugs.

The Berkeley Heights, N.J., biotech said the results suggest its drug works with both

Millennium's

( MLNM) Velcade and with

Genentech's

( DNA) Rituxan.

Data were presented this weekend in sessions at the annual meeting of the American Society of Hematology in San Diego, the company said.

Genta rose 67 cents to $2.05.