Rigel Pharmaceuticals Inc. dropped to its lowest price in almost 13 years after the drugmaker said an experimental treatment for allergic asthma failed in a study.
Rigel declined 14 percent to $3.14 at 4 p.m. New York time, the lowest price since the shares began trading in November 2000. South San Francisco-based Rigel has fallen 68 percent in the last 12 months.
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.