Shares in Cadence Pharmaceuticals (CADX) are off as much as 50% on news that one of its drugs had failed in trials. According to Reuters "the biopharmaceutical company said one trial did not meet its main goal of significantly reducing pain following abdominal gynecologic surgery, while the other trial met its primary target of a significant reduction of fever."

The company loses about $10 million a quarter on no revenue. At the end of the third quarter it has $56 million in cash. Not much runway

Douglas A. McIntyre