Word: synergen
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That is by no means the most devastating loss stemming from a biotech failure in the '90s. Centocor Inc. fell from $60 to $5; Xoma Corp., from $32 to $1; Synergen Inc., from $73 to $4--all because of hyped septic-shock drugs that didn't work. Inject those babies into your 401(k), and you'll never retire. And these aren't isolated cases. Viren Mehta, a biotech expert at Mehta and Isaly, keeps track of biotech bombs. He says there have been 14 major disasters this decade. But even if you avoid specific product failures...
...smaller companies, the price of failure can indeed be catastrophic. Shares of the biotech firm Synergen plummeted 68% in a single day last week after the company disclosed that tests of its most promising new drug had been disappointing. Synergen stock closed last Friday at 15 1/4, down 26 7/8 for the week. The debacle followed the January collapse of shares of Centocor, which fell more than 60% when the firm suspended U.S. testing of its bacterial-shock treatment Centoxin...
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