Nabi's StaphVax fails late-stage study for infections

Nabi Biopharmaceuticals' share price got hammered this morning after the biotech announced that StaphVax failed to reduce infections among kidney patients, flunking a late stage trial. The 3,600 patients in the study demonstrated no reduction in Staphylococcus aureus infections. The biotech swiftly dropped an application for European approval and ended development of a similar staph vaccine. Nabi's stock plunged 67 percent on the news.

- read this AP report for more information