A tumble in the U.K.

CTP slipped 289p to 341p on 7.2 million shares on Wednesday after a Phase III trial of a monoclonal antibody licensed by Chiron(CHIR) to Bayer was not effective in reducing mortality in septic shock patients (see A5). CTP had European marketing rights to the compound, and, more importantly, had a second generation MAb that hinged on the success of CHIR's antibody. Despite the sell-off CTP's market cap remains £266 million.

ASCO'S MIXED BAG: Stocks of companies presenting at the American Society of Clinical Oncology meeting last week generally didn't get much mileage from their data. Of the 19 stocks tracked by Ebb & Flow, 12 closed up, 6 closed down and one was unchanged on the week. Although the meeting wasn't lacking announcements, it was short on later-stage clinical developments...