Telios offers investors their money back

Telios Pharmaceuticals Inc. on Friday authorized the repurchase of the 3 million convertible preferred shares, which it had offered on Sept. 29, in the wake of disappointing results in its second clinical trial of Argidene Gel in diabetic foot ulcers.

Following presentation of the results, in which the drug failed to show significant clinical benefit in comparison to an unexpectedly strong placebo effect, TLIO said it would offer to rebuy the preferred at the offering price of $4.75.