Shares of Rigel Pharmaceuticals got hammered this morning after the biotech company announced that a Phase II study of its experimental therapy for allergic rhinitis failed to hit its primary endpoint. Shares plunged 63 percent in the first 20 minutes of trading. The seven-day study compared R112 and Beconase AQ nasal spray with a placebo but found no statistically significant difference in outcomes.
"We are disappointed in today's results," said James M. Gower, chairman and CEO of South San Francisco-based Rigel. "These results are surprising given that the earlier Phase II 'Park' study of R112 demonstrated a statistically significant reduction in the symptoms associated with allergies."
- read this report from TheStreet.com for more information