Everything goes back from whence is came. Shares of CMRX are trolling the graveyard today after announcing that trials for their main drug wasn’t going too well.
Chimerix Inc said its oral antiviral drug did not significantly reduce a certain kind of infection in stem cell transplant patients in a late-stage study, sending its shares down 72 percent in premarket trading.
Patients taking the drug, brincidofovir, did not experience significant reduction in cytomegalovirus (CMV) infection through week 24 after transplant.
CMV is a member of the herpes virus family and remains a significant cause of viral infections in transplant recipients.
The company said its lead drug failed to achieve the main goal due to cases of graft-versus-host-disease (GVHD), a complication that occurs when transplanted donor cells attack the recipient’s body.
Chimerix said pending the availability of complete data from late-stage trial of the drug, it has paused further enrollment of kidney transplant patients.
Actually, the drug didn’t seem to work at all. Obviously, the stock wasn’t reflecting the inherent risk that shareholders were taking on, gambling on a drug in clinical trials. I’ve always marveled at the biotech industry as being equal to juggling pinless handgrenades, whose contents were sure to blow both of your limbs off at any time.
Unfortunately, for stake holders in CMRX, that day is reckoning is today.
If you enjoy the content at iBankCoin, please follow us on Twitter
Wow, that is why I avoid biotech. Pissed I didn’t buy that nice pullback in CEMP a couple months ago tho.
On another note…. maybe FCX is looking at something like this into early Jan…we’ll see
http://content.screencast.com/users/toad69/folders/Jing/media/31a236c3-5466-483a-be8f-130cbd0917e3/2015-12-28_1113.png
With a name evidently derived from chimera, I’d call that appropriate. Life imitates art.