Metabasis Therapeutics Inc. lost more than half its value on Tuesday after announcing that CS-917, the lead candidate in its metabolic disease program, failed a Phase IIb diabetes trial, while pradefovir, the lead candidate in its liver disease program, was dropped by partner Schering-Plough Corp. (BioWorld Today)

In the midst of increased regulatory scrutiny involving erythropoiesis-stimulating agents (ESAs), Affymax Inc. is forging ahead with a Phase III program of its anemia drug, Hematide, in chronic renal failure patients. (BioWorld Today)