lost more than half its value after the company said a late-stage trial of a medication for preventing preterm births failed to meet its goals.
A phase III clinical trial of progesterone for the prevention of preterm birth in women with a previous preterm birth earlier than 35 weeks showed that the experimental product didn't reduce the incidence of preterm birth at week 32, the primary endpoint, or at weeks 28, 35 and 37, the secondary targets.
The company is continuing to analyze the study data. "Although disappointed by these results, we have managed our resources carefully so that Columbia is in a strong position to build our existing infertility business," the company said.
Shares of Columbia were plunging $2.89, or 63%, to $1.72 in premarket trading Monday.