Shares in Icelandic biotech firm Decode Genetics Inc's fell around 10 percent on Friday, hit by a manufacturing problem with its most advanced drug candidate, which is designed to prevent heart attacks.
The company -- a specialist in using population studies [large numbers of people to study many thousands] to find the genetic basis of disease -- suspended late-stage clinical tests of the medicine, known as DG031 or veliflapon, due to a formulation problem.
Decode said the tablets appeared to dissolve more slowly over time, which could eventually mean they released too little of the drug, potentially limiting the medicine's effect and undermining the Phase III study's chances of success. "While I cannot at this point say how much time will be required (to fix the problem), it will be a matter of several months at least," CEO Kari Stefansson told analysts in a conference call.
Shares are still dropping just before market close, down more than 14%.
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