LONDON - Shares in Pharmagene plc dropped by one-quarter when the company announced its lead product, PGN0052, failed in a Phase IIa trial in cystic fibrosis and the company warned that 2004 revenues from its drug discovery services would be lower than 2003. (BioWorld International)

Shares of Cellegy Pharmaceuticals Inc. sank nearly 45 percent Monday, following news late last week that the FDA issued a not approvable letter for the company's anal fissure product, Cellegesic. (BioWorld Today)