Columbia Laboratories shares dive on study results

The stock fell $1.06, or 30.6 percent, to $2.40 in morning trading. Shares have traded between $1.89 and $4.47 over the past 52 weeks.

Lidocaine is currently used as a pain reliever. Livingston, N.J.-based Columbia Laboratories had the drug in a Phase II, or midstage, study to see if it would relieve pain from menstrual cramping. The common condition is known as dysmenorrhea.

The drug failed to meet its goal, compared with placebo, in relieving pain intensity over four treatment days. But, the company said, a trend suggests that patients favored lidocaine.

"We are evaluating if it is feasible to enhance this lidocaine effect through modifications to the dosing regimen and treatment protocol," said Robert S. Mills, president and chief executive officer of Columbia Laboratories, in a statement.

He added that the company is encouraged that the study showed no difference in safety profiles of placebo and lidocaine. More details on the study will be provided when the company reports its third-quarter financial results.