Macrocure Ltd. shares (NASDAQ:MCUR) hit an all-time low on Thursday after a futility analysis of partial data from a pivotal phase III study revealed that the company's sole candidate, the cell therapy Curexcell, is unlikely to meet its primary endpoint of helping heal venous leg ulcers (VLU) faster than a placebo, leaving the company without one of the key trials expected to underpin an FDA biologics license application planned for the second half of 2016.