Intercell falls on restructuring

Intercell AG (VSE:ICLL; OTCQX:INRLY) fell EUR 6.86 (41%) to EUR 10 on Monday after restructuring and discontinuing development of its Travelers' Diarrhea vaccine patch. The patch missed the primary endpoint of significantly reducing the incidence of all types of enterotoxigenic Escherichia coli vs. placebo in each of the Phase III ELT301 and Phase II ELT209 trials. Intercell said the Travelers' Diarrhea vaccine patch program accounted for about 50% of its R&D expenses in 2009, which totaled EUR 62.5 million ($90.1 million) for the year. As a result, Intercell will reduce R&D expenses by about 40% in 2011, and reduce headcount by about 20%. The company currently has 400 employees. ...