Shares of Capricor Therapeutics Inc. plunged 60% toward record lows in premarket trade Friday, after the biotechnology company announced disappointing results from an interim trial of its treatment for heart-attack patients, which will result in job cuts. The company said the trial of CAP-1002 demonstrated “a low probability” of achieving a statistically-significant difference in the primary endpoint of change from baseline scar size. “The lack of a clear difference in the change in scar size from baseline to six months between the active and control groups in the interim observations from ALLSTAR was unexpected,” said Chief Executive Linda Marban. She said. however, the favorable safety profile in the study supports the prospect of its administration in patients with Duchenne muscular dystrophy (DMD). The company plans to cut the size of its workforce and the scope of its operations to focus on its DMD program. The stock had rallied 15% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF had climbed 9.9% and the S&P 500 had gained 7.0%.
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