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Shares of



were falling 16% to $26.60 this morning in premarket Instinet trading after the company announced it was abandoning tests for its experimental arthritis treatment.

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The biotech company's drug ABX-IL8 failed to produce enough noticeable improvement in trials to warrant further tests.

Abgenix said it will continue to study the drug as a treatment for other illnesses, such as skin cancer and psoriasis.