Shares in Polydex Pharmaceuticals Ltd. lost more than half their value on news that two phase III trials of its HIV prevention product have been halted.
The product, called Ushercell, is a cellulose sulfate-based vaginal microbicide being developed to prevent the virus from infected women. But a reproductive health research organization called the Program for Contraceptive Research and Development (CONRAD), which is conducting one of the studies, halted it because preliminary results at some trial sites indicated that cellulose sulfate instead could lead to potential increased risk of HIV infecttion in women who use the topical gel.
Specifically, there was a higher seroconversion rate in those who received the investigational product than in placebo patients. Despite the discrepancy between findings at various sites, it remains too early to speculate whether any environmental or other factors contributed to the higher risk, says Linda Hughes who heads the investor relations for Toronto based Polydex.
POLXF closed today's trading up 10 cents to $2.80. POLXF hit a 52 week high of $10.50 last spring.
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