Cerulean crash­es af­ter lead nano drug flubs its sec­ond PhII can­cer study

Cerulean Phar­ma’s lead nan­otech can­cer drug has run in­to an­oth­er stone wall in the clin­ic. The Waltham, MA-based biotech $CERU says that CR­LX101 com­bined with Avastin flubbed a Phase II study, fail­ing to pro­vide ev­i­dence of an im­prove­ment in pro­gres­sion-free sur­vival when com­pared against stan­dard of care ther­a­pies for re­nal cell car­ci­no­ma.

Cerulean’s shares were slammed on the news, plung­ing 62% and wip­ing out the li­on’s share of its $75 mil­lion mar­ket cap.

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