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Breaking NewsThe Canadian Press - ONLINE EDITION

Investors dump Stem Cell Therapeutics amid disappointing trial of stroke drug
By: The Canadian Press

25/06/2010 9:38 AM | Comments: 0
Print E–mail Share ThisReport Error CALGARY - The already shrivelled market value of Stem Cell Therapeutics Corp. (TSXV:SSS) shrank again on Friday, after the Calgary research firm said it still can't explain definitively why its drug didn't do better than a placebo in a recent trial.

The biotechnology stock had already taken a major hit a month ago after Stem Cell announced a preliminary analysis of its Regenesis trial of 96 patients with acute ischemic stroke.

The trial found people who received a placebo instead of the drug did as well as those who were treated with NTx-265. The company said Friday it still couldn't provide a full explanation for the "unexpectedly large placebo effect."

Stem Cell's shares (TSXV:SSS) dropped to 4.5 cents with nearly six million traded in the first 30 minutes of trading on Friday. The stock had closed at nine cents on Wednesday, down from 39.5 cents per share on May 21.

Trading in Stem Cell shares had been halted Thursday.