Genentech-Xoma Drug Fails Trial
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The biologically engineered drug Raptiva failed to effectively treat rheumatoid arthritis patients in a key experiment, Genentech Inc. and Xoma Ltd. said.
The partners said they are halting further tests on patients with the disease, but added that they are hopeful federal regulators will approve Raptiva to treat the skin disorder psoriasis. The psoriasis market, however, is far smaller than the rheumatoid arthritis market.
Shares of Berkeley-based Xoma fell 77 cents, or 14%, to $4.72 on Nasdaq. South San Francisco-based Genentech rose 82 cents to $37.87.
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