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Failed skin cancer tests prompts maxim stock drop: shareholders file class action suit.

Publication: San Diego Business Journal
Publication Date: 27-SEP-04 		Format: Online - approximately 731 words
Delivery: Immediate Online Access
Full Article Title: Failed skin cancer tests prompts maxim stock drop: shareholders file class action suit.(Biotech)

Article Excerpt
Shares of San Diego-based Maxim Pharmaceuticals lost nearly half its value in trading after the biotechnology company announced its skin cancer drug Ceplene failed a pivotal trial.

Maxim's shares lost 48.82 percent of their value, closing at $3.04 on Sept. 20, after the biotechnology firm said that the combination of Ceplene with standard chemotherapy failed to help patients whose skin cancer has spread to the liver survive longer.

The company news also triggered a shareholder class action lawsuit filed Sept. 21 in the U.S. District Court for the Southern District of California.

The complaint charges that Maxim and some officers and directors violated the Securities Exchange Act of...

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