Coley Pharmaceuticals (COLY) is yet another small-cap biopharma one-trick pony that fell apart like a cheap clock. Pfizer (PFE) had been conducting trials of a lung cancer drug licensed from Coley, and a review committee says test have been ineffective.
Trials will be discontinued. Coley lost $35 million last year on revenue of $20 million, and the bottom line has been that way for three years.
It is a miracle of sorts that the company’s shares hit $13.90 late last year. They have not traded below $8 over the last 52-week period. But, today they fell to $2.99, which is the only part of the entire affair that makes any sense.
Douglas A. McIntyre
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