Shares of Dipexium Pharmaceuticals Inc. plunged 84% toward a record low in active premarket trade Tuesday, after a late-stage trial of the drug maker's treatment for diabetic foot ulcers failed to meet its goals. The company said the phase 3 trial of Locilex cream didn't show any meaningful difference in wound closure rates, the primary endpoint. The trial also missed the secondary endpoint of a higher rate of eradication of bacteria. There were also incidents of serious adverse events, including higher-than-anticipated osteomyelitis and cellulitis. "Although we are disappointed with these results, we are continuing to evaluate the data and will consider potential regulatory pathways forward in other possible clinical indications based on an evaluation of all data emerging from the Phase 3 studies," said Chief Executive David Luci. The stock was trading at $2 ahead of the open, below the previous record closing low of $6.15 seen Feb. 17. Volume of about 830,000 shares made it the most actively traded stock in the premarket. Through Monday, the stock had climbed 14% year to date, while the S&P 500 had gained 5.3%.
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