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One of the two trials in essence failed to meet statistical significance for both the primary endpoint of a median time to first exacerbation versus placebo and the secondary endpoint of a frequency of pulmonary exacerbations over the 48 week treatment period versus placebo. The stock price fell from $5.24 to $2.17. It traded as low as $0.78 and is now trading at $1.43.Interestingly, one of Aradigm's main competitors, the much bigger and better funded Bayer (OTCPK:BAYZF), had a similar treatment failure in one of its two non cystic fibrosis bronchiectasis trials, as reported on April 5, 2017.

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