Biopharmaceutical company Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) reported this morning that its phase 3 clinical trials with Wyeth Pharmaceuticals (NYSE: WYE), for intravenous methylnaltrexone used in patients recovering from segmental colectomy surgical procedures failed. Shares plummeted 55.7%, or $7.55, to $6.00 in pre-market trading.

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