Kamada's lead drug in development fails key trial

(Reuters) - Israel-based drugmaker Kamada Ltd said its experimental drug failed in a key trial to treat an inherited condition that raises the risk of lung and liver disease.

Kamada's stock plunged almost 35 percent in heavy trade on the Nasdaq on Friday.

"I think its clear to say they wont be able to file (for U.S. approval) off of these results, unless there's something magical they're planning to release in the third quarter," H.C. Wainwright & Co analyst Andrew Fein said.

The biotechnology company said on Friday that it planned to release detailed results of the study in the third quarter.

Fein added that he would keep expectations "modest" on the possibility of European approval, saying the company needed to conduct another study with a different trial design.