Cytomedix shutters R&D site after PhII failure

Cytomedix ($CMXI) is closing an R&D facility in Durham, NC in the wake of the Phase II failure of its experimental stroke drug. Investigators said that ALD-401 failed to hit the primary endpoint in the study. Shares of the penny stock biotech slid after the news was released. "Ischemic stroke is a challenging medical condition with no effective therapeutic products available to help," said Martin Rosendale, CEO of Cytomedix. "While the observed benefit of ALD-401 in the RECOVER-Stroke trial is disappointing, the ongoing NIH-funded PACE study in patients with peripheral artery disease is approximately 30% enrolled and is continuing at a good rate." Release