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Peninsula biotech coughs up 40 percent of its value on failed clinical trial

A Peninsula drug developer’s only drug failed a mid-stage clinical trial in chronic cough — its second thumbs down in the clinic since going public eight months ago — sending the company’s stock down 40 percent in trading Monday.

In a 185-patient study, Menlo Therapeutics Inc.’s (NASDAQ: MNLO) once-daily serlopitant, a drug licensed six years ago from Merck & Co. Inc. (NYSE: MRK), failed to even match a placebo in a study designed to see if the drug would reduce the frequency of chronic coughs.

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