Shares of Adolor Corp. (ADLR) declined the most in Russell 2000 Index, sinking 20 percent to $1.18. The biopharmaceutical company said two drugs it’s developing with Pfizer Inc. (PFE) failed in a clinical trial involving 400 patients that tested them as treatments for pain caused by osteoarthritis of the knee.
“We obviously are disappointed with the results of this study,” said Dr. Eliseo O. Salinas, senior vice president of research and development and chief medical officer of Adolor Corp. “The extent of placebo response was surprising, but unfortunately not unusual in osteoarthritis studies.” Salinas said Adolor and Pfizer will fully assess the study data over the coming weeks and make a determination as to whether additional testing of the compounds in chronic inflammatory pain indications is warranted.
Shares of the Adolor were down $0.25, or 16.67%, at $1.25 in midday trading. They closed at $1.50 Thursday on Nasdaq.