|
Interferon shares plummet
|
 |
April 2, 1998: 11:13 a.m. ET
Company fails to get FDA approval of drug for HIV-infected patients
|
NEW YORK (CNNfn) - Shares of Interferon Sciences, Inc. nosedived Thursday after the Food and Drug Administration panned the trial results of the company's drug to treat HIV-infected patients.
Interferon (IFSC) stock lost about 75 percent of its value, plummeting 5-7/16 to 1-5/8 on the Nasdaq market after trading was halted briefly Thursday morning.
Interferon had been testing a drug called Alferon N Injection in a placebo-controlled environment with HIV-infected patients. The FDA said that although Alferon showed biological activity in the patients, the results were insufficient to gain FDA approval of the drug.
Alferon N Injection is also being tested in patients infected with hepatitis C virus.
The company said that it will likely require a major restructuring of its operations to continue with the study.
"We're currently evaluating the situation," said Lawrence Gordon, Interferon's chief executive officer. "We expect to make some layoffs."
|
|
|
|
|
 |
|
