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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Cytokine1 who wrote (7032)	9/7/1999 1:20:00 PM
From: Vector1	Respond to of 9719

CYTO, Glad we missed this dog. DJ AutoImmune Stk -2: Drug Was 'Foundation Of Co'-Analyst By Melanie Trottman NEW YORK (Dow Jones)--News of AutoImmune Inc.'s (AIMM) plans to abandon development of an arthritis drug nearly wiped out the company's market value Wednesday as shares plunged as much as 85%. The Lexington, Mass., biotechnology company said results of a Phase III study of Colloral didn't meet its primary objective, resulting in the discontinued development of the drug. "This was the foundation of the company," said Mehta Partners analyst Viren Mehta, who added that AutoImmune has no other significant drugs in late-stage development. Apparently, that's why investors sold their shares Wednesday, driving the stock as low as 1/2, past the previous 52-week floor of 1 9/16 set Oct. 8. It recently traded at 15/16, down 2 7/16, or 72.2%. AutoImmune rose to a 52-week high of 4 1/4 in July, probably in anticipation of results from the Colloral study of about 800 patients. The company said at a medical conference in January that it planned to announce the results this