By Associated Press - Monday, April 27, 2015

NEW YORK (AP) - Shares of Celladon Corp. plummeted after the biotechnology company said its developing heart failure treatment failed to meet key goals in a pivotal study.

The stock shed $10.18, or 74 percent, to $3.50 in premarket trading about 45 minutes before the market open.

The San Diego-based company said its potential drug for heart failure, Mydicar, was no better than placebo in the study. It’s a potential gene therapy, which focuses on fixing genes within a cell. The drug candidate had been given special “Breakthrough Therapy” status by the Food and Drug Administration, which allows for an expedited review.

“We are surprised and very disappointed that Mydicar failed to meet the endpoints in the CUPID2 trial, and we are rigorously analyzing the data in an attempt to better understand the observed outcome,” said CEO Krisztina Zsebo, in a statement.

He said the company is evaluating its other programs to determine the best path forward.

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