NEW YORK (TheStreet) -- Ampio Pharmaceuticals  (AMPE) - Get Report plummeted Thursday after the company announced a major setback to a study on its osteoarthritis drug Ampion.

The company said a shipment of Ampion and a placebo was accidentally exposed to freezing temperatures prior to the phase III study, which could have affected Ampion's efficacy and safety. Ampio said the analysis of the study's results, which was scheduled to come out this quarter, will be delayed; the company also said it could dismiss the study altogether.

For more on this story, read TheStreet's Adam Feuerstein's article here.

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The stock was down 24.93% to $5.60 at 12:33 p.m. More than 5 million shares changed hands, compared to the average volume of 625,277.

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