Among the companies reporting bad or equivocal news over the pastfour months:- March 15: Regeneron Pharmaceuticals Inc., Tarrytown, N.Y., is toldits Phase III trial for ciliary neurotrophic factor (CNTF) foramyotrophic lateral sclerosis needs modification. The company's stockfell 33 percent on the news. On June 23 Regeneron announced arevised strategic direction that included dropping CNTF.- April 3: Magainin Pharmaceuticals Inc., Plymouth Meeting, Pa., saidits MSI-78 candidate for impetigo performed no better than the control.Magainin's stock fell 57 percent on the news.- April 28: Alpha 1 Biomedicals Inc., Bethesda, Md., said thymosinalpha 1 did not show a statistical advantage vs. placebo against chronichepatitis B. Alpha 1's stock fell 68 percent on the news, and the stockprice of licensee SciClone Pharmaceuticals Inc., San Mateo, Calif.,dropped 59 percent that day.- May 2: Greenwich Pharmaceuticals Inc.'s carbohydrate drug wassimilar to placebo in a Phase II rheumatoid arthritis trial, anannouncement coming on the heels of another failed carbohydrate drugfor the same indication. The Fort Washington, Pa., company's stock,valued at more than $15 in April 1992, closed at 50 cents per shareMay 10.- May 2: Alpha-Beta Technology Inc.'s drug for infection in high-risksurgery patients, Betafectin, didn't fail. But the combination of theWorcester, Mass., company's announcement that Phase III trials wouldbe delayed and questions about previous trials scared investors as thestock fell 42 percent.- May 24: Immunomedics Inc., Morris Plains, N.J., was told itscolorectal cancer imaging agent, ImmuRAID-CEA was not approvable.The stock fell 36 percent. The company said July 19 the FDA is re-evaluating to find approvable claims.- June 13: Amylin Pharmaceuticals Inc., San Diego, announced mixedresults from its drug, tripro-amylin, in a Phase II trial for Type Idiabetes. The stock fell 33 percent.- July 1: Ribi ImmunoChem Research Inc.'s Melacine melanomatheraccine showed no statistical advantage over a four-drugchemotherapy regimen. The Hamilton, Mont., company's stock fell 47percent.- July 11: Cambridge Biotech Corp., Worcester, Mass., filed forChapter 11 reorganization following a series of setbacks, mostly relatedto its inability to provide audited financial statements.p July 15: Glycomed Inc. announced a limiting of its clinicaldevelopment programs and a 30 percent cut in its work force.- July 18: Synergen Inc., Boulder, Colo., stopped its Phase III study ofAntril in the treatment of severe sepsis. The company's stock fell 49percent.- July 19: Repligen Corp., Cambridge, Mass., announced employeecutbacks - from 301 on March 31 to 190 - and discontinuance of anHIV vaccine program. - Jim Shrine

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