NEW YORK (TheStreet) -- Regado Biosciences (RGDO) plummeted to a new 52-week low of $1.12 on Monday after the company canceled a late-stage trial of its blood clot drug Revolixys, which combats coronary artery disease.
The trial's data and safety monitoring board "indicated that the level of serious allergic adverse events associated with Revolixys was of a frequency and severity such that they recommended that we do not enroll any further patients in the Regulate-PCI trial," according to the company's press release.
Regado suspended the Phase 3 study in July to allow an independent board to conduct a safety review, and the Food and Drug Administration placed a clinical hold on the trial later that month.
The stock was down 59.99% to $1.14 at 11:31 a.m. More than 5.1 million shares had changed hands, compared to the average volume of 490,138.
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