{"id":74363,"date":"2018-04-24T02:20:05","date_gmt":"2018-04-24T02:20:05","guid":{"rendered":"http:\/\/www.bnreport.com\/woodford-backed-companys-share-price-bombs-after-failed-drugs-trial\/"},"modified":"2018-04-24T02:20:05","modified_gmt":"2018-04-24T02:20:05","slug":"woodford-backed-companys-share-price-bombs-after-failed-drugs-trial","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/woodford-backed-companys-share-price-bombs-after-failed-drugs-trial\/","title":{"rendered":"Woodford-backed company&#8217;s share price bombs after failed drugs trial"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/israeli-laboratory-leads-western-world-in-blood-testing-56646407-5ade2e1790d3a.jpg\"\/><\/p>\n<p>A biotechnology company backed by investor <a href=\"http:\/\/www.cityam.com\/people\/neil-woodford\" rel=\"noreferrer\" target=\"_blank\">Neil Woodford<\/a> saw its share price fall off a cliff today after announcing the withdrawal of a new drug.<\/p>\n<p>Prothena, which is nearly 29 per cent owned by a fund controlled by Woodford, saw its share price plunge by 70 per cent, wiping more than $1bn (\u00a3720m) from its market capitalisation.<\/p>\n<p>The Irish-based Nasdaq-listed biotech business announced that it was discontinuing development of a drug to treat amyloidosis after examining test results.<\/p>\n<p>The news is another blow for Woodford who saw his fund shrink by a fifth \u2013 \u00a31.6bn \u2013 in the first three months of the year.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/283307\/woodford-flagship-flounders-fund-shrinks-fifth-assets-fall\" rel=\"noreferrer\" target=\"_blank\">Woodford flagship flounders as fund falls by a fifth this year alone<\/a><\/p>\n<p>Woodford said: \u201cDespite the disappointment that we feel, that our investors will feel, and indeed the company feels more acutely, there is a lot of value in Prothena.\u201d<\/p>\n<p>He said that Prothena is a \u201cmuch broader business\u201d which has \u201cmultiple shots on goal\u201d and a \u201ctechnology platform that we think is extremely valuable\u201d.<\/p>\n<p>After launching in June 2014, Woodford&#039;s main fund last registered assets under management of less than \u00a37bn in June 2015. They peaked in May 2017 at a mammoth \u00a310.2bn.<\/p>\n<p>Woodford has been on the wrong end of a number of poor trades in recent months, with big sell-offs in the likes of <a href=\"http:\/\/www.cityam.com\/company\/provident-financial\" rel=\"noreferrer\" target=\"_blank\">Provident Financial<\/a>, <a href=\"http:\/\/www.cityam.com\/company\/capita\" rel=\"noreferrer\" target=\"_blank\">Capita<\/a> and the <a href=\"http:\/\/www.cityam.com\/company\/aa\" rel=\"noreferrer\" target=\"_blank\">AA<\/a> demolishing performance.<\/p>\n<p>It has not all been doom and gloom for Woodford of late, with a Welsh biotechnology firm that he backs announcing it had treated its first UK cancer patient using proton beam technology earlier this month.<\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A biotechnology company backed by investor Neil Woodford saw..<\/p>\n","protected":false},"author":1,"featured_media":74364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-74363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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