Resverlogix Plunges 93% After Drug Trial Fails
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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).