UPDATE 2-Biota's lead drug fails mid-stage study, shares slump

August 1, 2014 2:30 PM

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Aug 1 (Reuters) - Biota Pharmaceuticals Inc said its influenza treatment failed to meet the main goal in a mid-stage study, about two months after the company lost a key government contract supporting the drug's development.

Biota's shares fell as much as 29 percent to a record low of $2.29, making the stock one of the top percentage losers in early trade on the Nasdaq.

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