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Monday, October 27, 2008

Drug study stopped, ZymoGenetics shares tumble

Puget Sound Business Journal (Seattle)

Shares in ZymoGenetics Inc. fell more than 28 percent in Monday trading after the Seattle biotech announced that a test of one of its drugs targeted at kidney disease has been discontinued.

“The observation of an increased risk for severe infection led to the discontinuation,” ZymoGenetics said in an SEC statement.

The test was being conducted by Merck Serono, which acquired the rights to the drug earlier this year from the Seattle biotech (NASDAQ: ZGEN). Shares in ZymoGenetics fell $1.42 to close at $3.53.


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