Some days you’re the hammer, and some days you’re the nail. Isn’t that how the axiom goes? In any case, Bellevue-based SCOLR Pharma Inc. played the nail’s role today, as its stock price got pounded after a drug development deal with Wyeth fell apart.
Wyeth Consumer Healthcare had signed a license agreement in late 2005 to use SCOLR’s technology in products containing the painkiller ibuprofen. Specifically, it looked like the two were developing a 12-hour, extended release version of the drug.
Before Wyeth’s decision, SCOLR had received about $2.1 million in payments from Wyeth. Following news of the contract termination, SCOLR’s shares lost $1.23, or 37 percent of their value, to close Thursday’s trading at $2.07.
SCOLR’s CEO is a guy named Daniel Wilds, who led Northwest Biotherapeutics in Bothell until June 2003, when he left the company as it ran out of cash and laid off most employees.
For more on SCOLR’s story today, click here, http://www.businessweek.com/ap/financialnews/D8NSN3QG1.htm, or here, http://www.app.com/apps/pbcs.dll/article?AID=/20070315/BUSINESS/70315014/1003, or here for the company’s raw press release, http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070315005327&newsLang=en. To read comments posted by SCOLR’s not-so-happy shareholders, go to here, http://messages.finance.yahoo.com/mb/DDD.
Finally, one question: Why is SCOLR’s stock ticker symbol DDD? That doesn’t make sense to me, but I’m sure there’s a good reason.
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