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What’s Next for Vical?

Shares of Vical Inc. (Nasdaq: VICL) took a major hit yesterday after the San Diego-based biotech announced that its Allovectin cancer-drug had failed a crucial clinical trial, meaning the development program would be terminated.

Shares were down more than 50% after the announcement.

"As a company and as individuals, we have invested substantial efforts and resources into the Allovectin program for nearly 20 years," Vical CEO Vijay Samant told investors during a conference call that followed the official announcement. "We truly believed in the potential of this program based on our promising Phase II and earlier results, [and were] preparing for successful advancement through the regulatory approval process and towards the commercial launch. And so we are very deeply disappointed with the results announced this morning that our Phase III trial of Allovectin failed to beat either the primary or secondary efficacy endpoints."

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