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Celladon Corp Stock Plunges, Lay-Offs Expected

According to Reuters, drug company Celladon Corp is expected to announce layoffs and other cost-cutting measures after its stock price plunged to a record low due to its leading experimental gene therapy heart failure treatment failing in a key trial. In early trading today, the stock had lost close to 80 percent of its market value, trading at $2.76 while just three days ago it was trading at over $10 per share. The failed treatment, Mydicar, was meant to restore the enzyme SERCA2a which is deficient in heart failure patients and had received “breakthrough” and “fast-track” status from the FDA. The stock has fallen approximately 37 percent since March 30 when the drugmaker posted a large quarterly net loss due to rising operating expenses.

Read the article published by Reuters.