Chiron

(CHIR) - Get Report

was down sharply in the premarket Wednesday after its development treatment for sepsis was found to be ineffective in a trial.

The biotech company said the drug, tifacogin, failed to meet a primary goal of reducing patient deaths within 28 days in a Phase III trial. The drug, co-developed by

Pharmacia

(PHA)

, is designed to treat sepsis, a deadly blood infection that is sometimes contracted during hospital stays.

The company's shares plummeted before the open, losing $5.59, or 11.2%, to $44.50.