Antisoma chiefs stand down after second big Ph3 failure

Antisoma has experienced one big late-stage failure too many. Its straight-talking CEO, Glyn Edwards, announced today that he's stepping aside now that the biotech's two lead cancer drugs have flunked out of clinical studies. Finance director Eric Todd has also opted to depart, though he'll continue to advise the company on its remaining strategic alternatives, which may include a sale. The company won't fetch much, though. After hitting a high of 200 pence during its heyday, Antisoma shares are now trading at around three pence.

Antisoma's AS1413 failed a Phase III study in January. That result followed a March, 2010 Phase III failure for Antisoma's then lead drug for lung cancer.

- here's the story from Reuters