Financially-troubled Scotia hit by regulatory problems
This article was originally published in Clinica
The continued survival of Scotia Holdings is in doubt after its key product, Foscan, a light-sensitive drug to treat advanced head and neck cancer tumours, unexpectedly failed to receive approval from the US FDA. Scotia, which now faces severe financial difficulties, is reviewing options for the company, which could include a merger, a disposal or fundraising. Shares in the UK company fell around 60% to 47.5p ($0.7) on the news, before plunging further to finish at just above 24p as Clinica went to press. This compares with a year-high of 230p in March.