Vical Shares Fall Most in 20 Years on Cancer Drug Results
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Vical Inc., the maker of experimental cancer drugs, fell the most in 20 years after saying its melanoma medicine failed to help patients in a clinical trial.
Shares of Vical plunged 57 percent to $1.53 at the close in New York, the biggest one-day drop since March 1993 when the San Diego-based company initially offered shares to the public. Vical said in a statement that it was ending studies of the drug, Allovectin, and would shift its focus toward infectious disease treatments.