Celsus Therapeutics PLC Lead Drug Flunks Phase II Trial

Celsus Therapeutics PLC

plunged more than 80 percent after its lead drug candidate failed to meet the objectives of a Phase II trial Shares of the London-based company shares traded recently at $1.10 a share, down $5.01. Celsus said its MRX-6 cream for dermatitis didn't show progress in improving the disease in a four-week trial involving 73 children. Chief Executive Gur Roshwalb said the company is "disappointed" and is analyzing data from the study to determine further plans. With a market capitalization of $34.33 million, Celsus has four drugs in development based on multifunction anti-inflammatory compounds. Products in its pipeline also include MRX-5, an orally-administered drug for inflammatory bowel disease, CFX-1 for cystic fibrosis and OPX-1 eye drops for conjunctivitis.