Biota tanks as flu drug candidate disappoints
USA-based Biota Pharmaceuticals (Nasdaq: BOTA) saw its shares slump 29% to a record low of $2.29 on Friday, after the company reported disappointing results with its flu drug candidate laninamivir octanoate, dubbed the IGLOO study.
Biota announced top-line data from a randomized, double-blind, placebo-controlled, parallel-arm Phase II clinical trial comparing the safety and efficacy of a 40mg and 80mg dose of laninamivir octanoate (LANI) to placebo.
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