Independent Investigation of Sequenom (SQNM) Test Shows Blatant Errors and Unsubstantiated Claims

Already discarded zombie-biotech firm Sequenom Inc. (Nasdaq: SQNM) has killed any-and-all investor hope, after results from an independent investigation showed blatant mishandling, inadequately substantiated claims, inconsistencies and errors for its Down Syndrome test . Based on the results, the Board of Directors terminated a number of key executives including CEO Harry Stylli and VP of R&D Elizabeth Dragon.

In April 2009, Sequenom originally announced the test mishandling. The original announcement sent shares down 76% that day to $3.62. Since that time, hope for the re-validation of the results have lifted shares back near the $6 level.

The company reiterates that it is no longer relying on, and the public should no longer rely on, any of the previously announced test data and results for the company's noninvasive prenatal test for Trisomy 21. The company also said, at this time, it is unable to provide guidance on the timetable for the completion of research and development or for the potential commercialization of its Trisomy 21 test. However, the company continues to believe in the science underlying the test and is continuing its research and development program for this test.

Now that no near-term hope remains for the test, investors have reacted --- sending the stock down 47% to $3.00 per share.

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