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BOSTON (MarketWatch) -- Shares of Medivation Inc. got crushed
Wednesday, plunging as a late-stage clinical study showed its drug
candidate for treating Alzheimer's disease proved largely
ineffective.
San Francisco-based Medivation
/quotes/comstock/15*!mdvn/quotes/nls/mdvn (MDVN 12.93, -27.32,
-67.88%) and blue-chip partner Pfizer Inc.
/quotes/comstock/13*!pfe/quotes/nls/pfe (PFE 17.52, -0.08, -0.46%)
said that a Phase III trial of the candidate, known as dimebon,
failed to show the drug's effectiveness in improving cognition in
patients with mild-to-moderate Alzheimer's disease.
Shares of Medivation plummeted nearly 70% to $13.02 in early
action. Pfizer, which entered into a co-development deal for
dimebon in 2008, saw its shares traded down 1% at $17.46.
In a statement, the companies said the results were unexpected and
disappointing.
"We are evaluating the [study] data with Medivation. After that
review, Pfizer will be in a position to determine appropriate next
steps regarding the dimebon program," said Briggs Morrison, a
senior vice president for clinical development at Pfizer.
"We recognize the significant medical need, and we are committed to
advancing treatment options for Alzheimer's disease," Briggs
added.
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Dimebon is also in late-stage testing for the treatment of the
equally devastating Huntington's disease.
Alzheimer's is a degenerative neurological disease that afflicts
about 5.3 million Americans. About 13% of all people aged 65 and
over are believed to be afflicted, with that number rocketing to
about 50% at age 85, according to the Alzheimer's Association.
To date, four drugs have been approved to treat Alzheimer's in the
U.S. While the drugs can help boost memory, they generally lose
their effectiveness after 18 months of use.
Originally approved over 25 years ago in Russia as an
antihistamine, dimebon is being tested as a treatment for
Alzheimer's and for Huntington's disease. Medivation began testing
the drug for Alzheimer's after early studies indicated it might
inhibit the death of neurons in the brain.
Kann´s aber nicht richtig einordnen, ob der Absturz übertrieben
ist, oder nicht.