Tripep shares plummet as HIV drug disappoints

Shares in Swedish biotech company Tripep AB crash dived after the company said it will probably scrap its alphaHGA HIV-inhibiting drug after trials in Thailand showed "no significant decrease of the HIV-levels in the patients' serum".

At 1.20 pm Tripep was down 65% at 4.62 kronor, while the OMX Stockholm was down 0.53% at 342.90.

“Naturally we are very disappointed,” said Tripep. “A study report will be prepared but right now it is hard to see a continuation of the alphaHGA project”.

Tripep’s share price went vertical in January, reaching a high of 17.90 kronor amid optimism surrounding the trials in Thailand.

Tripep said it will now focus its research and resources on Hepatitis C.

AFX