Rigel Pharmaceuticals Inc. (RIGL) plunged as much as 33 percent in early trading after saying an experimental treatment for allergic asthma failed in a study.
Rigel declined 18 percent to $2.99 at 9:16 a.m. New York time, after dropping to as low as $2.42. The South San Francisco-based company had fallen 63 percent in the 12 months before today.
The inhaled drug, R343, didn’t meet the top goals in a mid-stage trial, Rigel said in a statement today. The company said it will stop development of the compound as a therapy for allergic asthma.
“This was not the result we expected based on the collection of data we had previously seen with R343 in this therapeutic area,” James Gower, chairman and chief executive officer of Rigel, said in the statement.
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