Tags: Inspire Shares Fall After Cystic Fibrosis Drug Fails

Inspire Shares Fall After Cystic Fibrosis Drug Fails

Monday, 03 Jan 2011 10:23 AM

Inspire Pharmaceuticals Inc. tumbled 58 percent in Nasdaq trading after the company said its cystic fibrosis drug failed to benefit patients in the final stages of testing, undermining earlier results.

Inspire fell $4.86 to $3.54 at 10:05 a.m. New York time in Nasdaq Stock Market composite trading. It earlier reached as low as $3.45 for the biggest intraday decline for the Durham, North Carolina-based company since January 2002.

Cystic fibrosis is an inherited disease that leads to buildup of mucus in the lungs and pancreas, causing infections. Patients taking Inspire’s drug, called denufosol, for 48 weeks showed no improvement in a measure of breathing called forced expiratory volume, the company said in a statement. The results contradict a mid-stage study in June 2008 that sparked a single- day gain of 35 percent for Inspire shares.

“Results were both disappointing and unexpected,” said Adrian Adams, chief executive officer of Inspire, in a conference call with investors. “We plan to provide a more detailed corporate update on plans going forward by the middle of February.”

The 466-patient trial also failed to achieve improvement in secondary goals, according to the statement. Analysis of subgroups of patients with varying characteristics failed to identify any population whose symptoms improved after taking the drug.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Inspire Pharmaceuticals Inc. tumbled 58 percent in Nasdaq trading after the company said its cystic fibrosis drug failed to benefit patients in the final stages of testing, undermining earlier results. Inspire fell $4.86 to $3.54 at 10:05 a.m. New York time in Nasdaq Stock...
Inspire Shares Fall After Cystic Fibrosis Drug Fails
208
2011-23-03
Monday, 03 Jan 2011 10:23 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved