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Article: Wyeth Stops Heart Attack Study; Neose Loses Manufacturing Deal.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West Coast Editor
Less than five months after Neose Technologies Inc. signed a deal with Wyeth to provide Phase III quantities of Wyeth's drug for myocardial infarction, P-selectin glycoprotein ligand (rPSGL-Ig), Wyeth is stopping development of the compound because of disappointing Phase II data.
The decision represented no failure of Horsham, Pa.-based Neose's technology, but investors severely penalized the company anyway. Neose's stock (NASDAQ:NTEC) closed Friday at $11.56, down $9.26, or 44.5 percent.
"These things happen," said Matt Kremer, senior director of corporate communications for Neose. "They are in Phase II clinical trials, and ...