Shares in Nuvelo have fallen more than 15 percent over the past four days as many investors expressed doubt the nascent drug maker can sustain plummeting revenues and widening net losses long enough to bring a single compound to market. Additionally, questions linger about the pharmacogenomics assets the company appears not to have sold yet.

Nuvelo, which was created when Hyseq acquired Variagenics in January 2003, has been plagued by sharply falling revenues, most recently in the first quarter, as it continues to develop its three drug candidates.

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