Affimed Posting Steep Loss After Halting Studies Of Cancer Drug

(RTTNews) - After gapping open sharply lower, shares of Affimed N.V. (AFMD) continue to see substantial weakness in afternoon trading on Tuesday. Affimed is currently down by 24.3 percent after hitting its lowest intraday level in over a month.

The initial sell-off by Affimed came after the biopharmaceutical company placed two clinical trials of its cancer treatment AFM11 on hold after one patient died and two others experienced life-threatening events.

Affimed said it will be working closely with the global health authorities, the Safety Monitoring Committees, and the studies' clinical investigators to review the events, carefully assess all of the data and determine next steps for the AFM11 program.