Icagen, a small Durham-based drug development company, will likely stop work on an experimental asthma treatment after reporting disappointing clinical results.
The company's shares slumped as much as 35 percent.
A study of 69 patients showed that the experimental asthma drug senicapoc failed to ease symptoms of exercise-induced asthma. Icagen CEO P. Kay Wagoner said that the company will focus resources on its leading drug candidate, which is being tested as a treatment for epilepsy and pain.
Icagen also is working with its largest investor and partner, drug maker Pfizer, on new treatments for pain.
Icagen's stock fell 29 cents to 48 cents today.