Free Republic

Nabi Biopharmaceuticals said Monday that its experimental anti-smoking vaccine NicVAX did not meet its main goal in a late-stage test, sending the company's shares plunging. The company said about 11 percent of patients who were received a dummy shot were able to quit smoking, and patients who were treated with NicVAX quit at a similar rate. Nabi said it is evaluating the data and waiting for results from a second late-stage study. "We are clearly surprised and deeply disappointed with the results of this first NicVAX Phase III trial," said President and CEO Raafat Fahim.