Capricor shares blasted as PhII heart study fails; Sanofi to destroy unused facility in France
→ After looking over disappointing interim results from its Phase II study of CAP-1002 for improving outcomes for heart attack patients, Capricor $CAPR is throwing in the towel and refocusing on Duchenne muscular dystrophy. The biotech — which develops cell therapies — says it plans to cut staff in order to conserve cash. Its stock was eviscerated, dropping 59% on the news.
→ Sanofi spent $126 million building a pilot plant at its Montpellier R&D campus in France. But while the company focused on a frustrating effort to reduce staff in France, it never opened the facility. And now it plans to bulldoze it, citing a changing portfolio, according to a report by in-Pharma Technologist.
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