CHICAGO (Reuters) -- An experimental blood clot dissolver by Nuvelo Inc. and its German partner Bayer failed to meet its main goal in two late-stage studies, sending the U.S. biotechnology company's shares down more than 79 percent Monday.
Nuvelo (down $15.50 to $4.05) shares closed at $4.05, down $15.50.
The companies said they had temporarily suspended enrollment in all trials of the alfimeprase compound pending further analysis and discussions with outside experts and regulatory agencies.
The news rattled investors, who had high hopes for the drug.
"We are very surprised by these results, given the strength of the prior (midstage) results," said CIBC analyst Bret Holley in a note to clients.
Bristol-Myers Squibb Company today announced that two-year data from three Phase III pivotal trials demonstrate the long-term efficacy of ORENCIA(R) (abatacept) in adult patients with moderate to severe rheumatoid arthritis (RA) who have had an inadequate response to one or more disease-modifying anti-rheumatic drugs (DMARDs) such as methotrexate and TNF antagonists. The data also demonstrate that ORENCIA provided clinically meaningful improvements in multiple aspects of health-related quality of life and physical function, sustained improvements in pain and had a consistent safety and tolerability profile through two years of treatment. These data will be presented at the upcoming 2006 American College of Rheumatology (ACR) Annual Scientific Meeting.
A new drug that could prevent old age blindness is being developed, according to researchers.