Resverlogix Corp. sank the most on record after saying its drug to fight thickening of the arteries failed to meet its primary target in a phase 2 clinical trial.
Resverlogix, based in Calgary, plunged 93 percent to 23 cents at 4 p.m. in Toronto, the most since its initial public offering in 2001. The stock has now fallen 86 percent this year, giving it a market value of C$17.2 million ($16.4 million).
Test results from a 26-week Phase 2b clinical trial showed patients treated with the RVX-208 drug had a 0.4 percent reduction in plaque levels, short of the 0.6 percent target drop.
“We remain focused on analyzing the full data set over the coming weeks and months to determine whether continued development of RVX-208 in cardiovascular disease is warranted,” Donald McCaffrey, Resverlogix’s chief executive officer, said in a statement.
The drug is intended to work by boosting production of a particle required in a process called reverse cholesterol transport, in which plaque in the arteries is removed from the body using the liver.