Jan 29 Shares of KaloBios Pharmaceuticals Inc
fell nearly 50 percent in extended trade after the
company said it would stop developing an asthma drug that failed
in a mid-stage study.
The drug, KB003, failed to bring about a clinically
meaningful improvement in the pulmonary function of patients
with severe asthma when tested against a placebo in 160
The San Francisco-based company said it would focus on
developing other treatments in its pipeline, which include a
drug for cancer and another to prevent a common gram negative
KaloBios shares fell to a low of $2.65 in extended trading.
The company had a market capitalization of about $150
million based on its Wednesday close of $4.65 on the Nasdaq.
(Reporting by Zeba Siddiqui in Bangalore; Editing by Sriraj