NEW YORK (AP) -- Shares of Ventrus Biosciences Inc. fell more than 50 percent Monday after the company said its most advanced drug failed in two late-stage clinical trials.
THE SPARK: Ventrus said its hemorrhoid ointment ifanserin did not work better than a placebo in two studies. The medication was not better than a placebo in eliminating bleeding or stopping itching and pain.
THE BIG PICTURE: Ventrus said it does not plan to continue development of ifanserin, or VEN 309. The company said it will focus its resources on its other drugs in clinical testing: the anal fissure treatment VEN 307 and fecal incontinence drug VEN 308. Ventrus is a development-stage company and does not have any products on the market.
SHARE ACTION: Shares of Ventrus Biosciences lost $6.96, or 56.8 percent, to $5.30 in afternoon trading.