BURLINGTON, MA (TheStreet) -- Swallowing the tiny live eggs of pig parasites doesn't help treat Crohn's disease. Coronado BioSciences' (CNDO) experimental (and frankly, disgusting) drug CNDO-21 blew up Monday as the company announced failed results from an important phase II study.
Coronado shares fell 69% to $1.80 in early trading. The stock lost almost 14% on Friday, a harbinger of Monday's bad news.
CNDO-021 contains the live eggs of a parasite found in the excrement of pigs. When swallowed, the eggs hatch and grow into tiny whipworms which were supposed to stimulate a persons immune system and fight off inflammatory auto-immune diseases like Crohn's.
Except CNDO-021 doesn't work. Crohn's symptoms of patients treated with CNDO-021 failed to respond any better than patients treated with a placebo, Coronado said.
The company blamed the negative study results on a higher-than-expected placebo response, which is typically the lame excuse offered when a drug simply doesn't work.
-- Reported by Adam Feuerstein in Boston.
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