Pro­teon trig­gers a stock im­plo­sion as its first PhI­II proves to be a bust

This morn­ing it was Pro­teon Ther­a­peu­tics’ $PRTO turn to join the queue of small biotechs to step on a land mine.

The Waltham, MA-based biotech’s shares cratered, plung­ing 70% in pre-mar­ket trad­ing af­ter the biotech re­port­ed that their Phase III tri­al of von­a­pan­i­tase (which used to be called PRT-201) failed the pri­ma­ry end­point on re­duc­ing the risk of what’s called pri­ma­ry unas­sist­ed pa­ten­cy — the length of time from fis­tu­la sur­gi­cal cre­ation to the first oc­cur­rence of a fis­tu­la throm­bo­sis or cor­rec­tive pro­ce­dure to re­store blood flow.

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