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Vical abandons herpes program after failed phase 2 trial; stock price falls

Vical Inc. said it is terminating the development of its herpes vaccine after it failed to meet the main goal of a phase 2 study.

The San Diego-based biopharmaceutical company's stock was down 24.54% in pre-market trading on June 11 to $1.23 per share.

The phase 2 study involved 261 healthy adults aged 18 to 50 who were confirmed to be positive with herpes simplex virus type 2, or HSV-2, a sexually transmitted infection.

After a minimum nine-month surveillance period, Vical's vaccine was found to less effective than placebo in fighting the infection. The company noted that the vaccine was generally safe and well-tolerated.

Vical's President and CEO, Vijay Samant, said the company will now focus on the development of its antifungal drug candidate VL-2397, which it licensed from Astellas Pharma Inc.

The company previously reduced its staff by 54% to conserve capital and focus on the development of VL-2397.