Shares of Favrille, Inc. (Nasdaq: FVRL) are getting pummeled in pre-market trading after the biopharmaceutical company said this morning that its phase 3 trial of Specifid following Rituxan in patients with follicular B-cell non-Hodgkin's lymphoma failed.

As a result, the company said it is discontinuing development of Specifid and is evaluating steps to conserve cash and recognize value on its assets.

Shares slumped 80%, or $1.39, to $0.35 in pre-market trading. For detailed price information and recent news stories about Favrille, click FVRL.

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