AtheroGenics Inc. said this morning its AGI-1067 heart drug failed to achieve its primary endpoint in a 6,000+ patient trial. The primary target of the study was "a statistically significant relative risk reduction in... cardiovascular death, resuscitated cardiac arrest, non-fatal myocardial infarction, non-fatal stroke, use of coronary revascularisation (bypass surgery) and for angina pectoris (acute chest pain)." Analysts had been skeptical that the drug would achieve its primary goal, but agreed that if it did, it was a potential blockbuster. The company said that the drug did reduce a combination of cardiovascular death, heart attack and stroke. The drug's fate from this point on will likely hinge on the statistical strength of its secondary benefits. Russell Medford, CEO: "We're obviously disappointed we didn't meet the primary endpoint, but we are optimistic about the results of the trial and we do look forward to continuing development of what we think is an important drug with the goal of improving patient care." AtheroGenics shares are down 63% to $2.90 in pre-market trading as of 8:42 EDT.
Sources: Press Release, Wall Street Journal, MarketWatch
Commentary: AtheroGenics: No Guts, No Glory • The Short Case On AtheroGenics • AtheroGenics: The Clock Is Ticking
Stocks/ETFs to watch: AtheroGenics Inc. (AGIX). Competitors: GlaxoSmithKline plc (NYSE:GSK), Novartis AG (NYSE:NVS), Pfizer Inc. (NYSE:PFE), Johnson & Johnson (NYSE:JNJ). ETFs: Pharmaceutical HOLDRs (NYSEARCA:PPH), iShares Dow Jones US Pharmaceuticals (NYSEARCA:IHE)
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