Bob Duggan, Summit CEO (via Summit Investments)

Bil­lion­aire Bob Dug­gan's new an­tibi­ot­ic play fails a Phase III tri­al, and in­vestors aren't hap­py

Bob Dug­gan — the bil­lion­aire in­vestor fa­mous for turn­ing Phar­ma­cyclics from a pen­ny stock to a $20 bil­lion com­pa­ny — placed a hand­some bet on the com­pa­ny’s new an­tibi­ot­ic for C. dif­fi­cile in­fec­tion last year, scoop­ing up a ma­jor­i­ty stake and nam­ing him­self CEO in hopes of turn­ing a prof­it in a field large­ly aban­doned by Big Phar­ma.

But on Mon­day, a Phase III fail­ure sent the com­pa­ny’s stock spi­ral­ing in pre­mar­ket trad­ing — and now, Dug­gan says he’s look­ing to raise more cash.

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