NEW YORK (TheStreet) -- Ampio Pharmaceuticals (AMPE) plunged to a 52-week low of $4.95 on Friday, one day after the biopharmaceutical 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.
The stock was down 10.25% to $5.08 at 11:17 a.m. More than 2.4 million shares had changed hands, compared to the average volume of 719,889.AMPE data by YCharts
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.