GenVec (NASDAQ:GNVC) plunged in morning trades after the clinical-stage biopharmaceutical company unveiled a setback in the study of CGF166, the company’s drug designed to help patients with bilateral severe-to-profound hearing loss.
Shares fell 62% to $0.650 at 11:04 a.m. in New York.
Novartis notified the Gaithersburg, Maryland-based company that it was pausing enrollment in the clinical trial of CGF166 to conduct a safety review of patient data, based on the recommendation of the trial’s data safety monitoring board, GenVec said.
“The trial will continue to collect new safety and efficacy data on patients currently enrolled in the study,” GenVec said.
The stock has lost four-fifths of its value over the past 12 months.