Already with $1 billion in losses, Xoma plummets with late-stage drug failure

Xoma Corp. continued tumbling Friday after its headline drug failed a late-stage clinical trial in patients with a blinding eye disease. Berkeley-based Xoma's (NASDAQ: XOMA) stock closed at 94 cents per share Friday, down nearly 9 cents from the previous close. From a Tuesday close of $4.39, the stock had fallen as low as 85 cents on Wednesday's news of the drug's failure in a study of patients with Behcet's uveitis, a potentially blinding chronic inflammation of blood vessels in the eye. The drug,…
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