Celladon to suspend development of gene-therapy drug
Saturday, June 27, 2015
Celladon Corp said it would suspend further development of its gene-therapy drug for heart failure, months after the treatment failed a mid-stage trial.
The company's shares fell 34 percent to $1.34 in premarket trading.
Celladon also announced a second reduction in its workforce on Friday.
The company's lead drug, Mydicar, failed the mid-stage trial in April, wiping out almost 80 percent of the company's market value.
Celladon earlier this month named Wedbush PacGrow Healthcare as its exclusive financial adviser and started a process to seek a merger or sale.
reuters.com
