Shares of Nabi Biopharmaceuticals ($NABI) went into a meltdown this morning after the developer announced that the first of two late-stage studies for its experimental nicotine addiction vaccine failed to hit its primary endpoint.
And the troubling news is spurring management to explore "any and all appropriate alternative actions," signaling potentially big changes for the Rockville, MD-based developer.Researchers said that 11% of the patients taking NicVAX quit smoking after 16 weeks of treatment, which was similar to the cessation rate among patients given a placebo. And the news caused a rout among its investors as the stock plunged 70%.
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