CombinatoRx, Incorporated (NASDAQ: CRXX) is seeing its stock implode this morning. The company released data from its Phase IIb study of Synavive (CRx-102) for knee osteoarthritis showing that its Synavive test was not statistically significant. This is likely more than just a setback for the Synavive program, but CombinatoRx said it will continue to evaluate and analyze the data.
Shareholders and traders alike are firing first and asking questions later. Shares closed at $3.00 Friday and its 52-week trading range was $2.86 to $6.99. Its pre-market stock trading indications are down nearly 60% at $1.25.
Jon C. Ogg
October 6, 2008