Tag - MAXY

Maxygen, Inc. (Nasdaq: MAXY), First Community Bank Corp. of America (Nasdaq: FCFL) and Transcat, Inc. (Nasdaq: TRNS) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers:

Shares of Maxygen, Inc. (Nasdaq: MAXY) are tumbling today after Roche advised the biotechnology company that it has placed a hold on further clinical development of Maxygen’s MAXY-alpha, which is for the treatment of Hepatitis C and Hepatitis B virus infections and is licensed to Roche.

The trial has been halted in Phase I after results showed that Maxygen’s drug candidate unexpectedly exhibited poor concentration and effect on candidates who took the drug.
Additionally, the trial found that antibodies (immune system cells) bound to the MAXY-alpha after it was administered.

Roche has currently initiated additional investigational studies in order to assess these results.

“We are all surprised by these unexpected findings,” said Maxygen's CEO Russell Howard. “We don't yet know how this will impact the future timing or advancement of the program.”

Roche entered into an agreement with Maxygen in 2003 to license from Maxygen worldwide commercialization rights to specific interferon product candidates for the treatment of Hepatitis C and B virus infections. Maxygen received an initial payment, full research and development funding for work done in the first two years of the collaboration, and milestone payments for the advancement of the MAXY-alpha product candidate. In addition, Maxygen is eligible to receive milestone payments and royalties based on any product sales.

Shares of Maxygen (MAXY) toppled 15.05%, or $1.24, to $7 in Friday morning trading.