Accentia shares plunge on Phase III failure

Accentia Biopharmaceuticals disappointed its investors with a surprise announcement late Monday that a Phase III trial of SinuNase for chronic sinusitis had failed to hit its primary endpoint. The company's stock plunged 73 percent on the news, dropping to 81 cents a share. Officials for the company had expressed a significant amount of confidence in the therapy. The late-stage trial tested SinuNase in treating fluid buildup in sinuses.

But Accentia isn't abandoning the drug. "The company continues to believe that SinuNase is a viable product candidate for the treatment of chronic sinusitis, and a full data analysis of both the primary and secondary endpoints will be conducted in order to determine the next steps necessary in order to advance the product," Accentia said in a statement.

- see this release
- check out the AP report

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