Celltech is hit by trials setback

By MALCOLM WITHERS
Updated:

 

Another biotech company has suffered the trauma of a setback to its clinical trials programme. Celltech Group revealed its Relaxin drug, for health problems associated with internal skin thickening, had failed to meet its targets.

Its shares slipped 3%, or 51p, to 1305p, on turnover of fewer than 2,000 shares. Footsie stock Celltech, one of the few biotechs to make a profit and Europe's biggest following its acquisitions of rivals Chiroscience and Medeva last year, will decide on further funding for Relaxin in collaboration with another biotechs group engaged in joint research, Connectics. Internal skin thickening, or scheroderma, is a rare immune-related dis-ease that can lead to lung and heart problems.

Celltech acquired European rights to Relaxin through its purchase of Medeva. It currently has 15 products in development or registration arising from its own research and development.

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