Celsion Corp. plunged the most ever in New York trading after the company announced its experimental treatment for liver cancer failed in a study.
Celsion fell 81 percent to $1.51 at the close in New York, the biggest single-day decline since the shares began trading in April 1994. The stock had almost quadrupled in the 12 months through yesterday.
The cancer treatment, called ThermoDox, didn’t meet the study’s primary goal of slowing liver tumor growth in the final stage of testing usually required to get regulatory approval, the Lawrenceville, New Jersey-based company said today in a statement. Celsion said it has about $27 million in cash and investments that will help it evaluate future development plans.