SciClone Cancels Development of New Drug (SCLN)

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Specialty drug maker SciClone Pharmaceuticals Inc. (NASDAQ: SCLN) announced this morning that the company will “discontinue development” of its SCV-07 oral mucositis drug because the drug failed to “meet the pre-specified efficacy endpoints” of the phase 2b trials.

From the company’s announcement:

SciClone is notifying the FDA and study investigators of the trial’s discontinuation. No additional patients will be enrolled in the trial. Dosing of subjects currently enrolled in the trial will be discontinued, but subjects will be followed per protocol for a full year.

The company noted that there were no safety issues with SCV-07. The drug simply did not do what it was intended to do.

SciClone’s shares closed at $4.52 yesterday, in a 52-week range of $3.30-$6.88.