ARDM
From amagenmus article on SA, answering your question:
On December 1, 2017, Aradigm completed two Phase 3 trials. One of the two trials in essence failed to meet statistical significance for both the primary endpoint of a median time-to-first-exacerbation versus placebo and the secondary endpoint of a frequency of pulmonary exacerbations over the 48-week treatment period versus placebo. The stock price fell from ~$5.24 to ~$2.17. It traded as low as $0.78 and is now trading at $1.43.
Interestingly, one of Aradigm's main competitors, the much bigger and better-funded Bayer, had a similar treatment failure in one of its two non-cystic fibrosis bronchiectasis trials, as reported on April 5, 2017. In this trial, the 14 day on/off trial succeeded, but the 28 day on/off trial failed.
