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Thursday July 26, 4:28 pm Eastern Time Guilford stock falls on Parkinson`s drug results (UPDATE: Rewrites first paragraph, adds details of trial results paragraphs 8-13, updates stock price) NEW YORK, July 26 (Reuters) - Shares of biotechnology company Guilford Pharmaceuticals Inc. (NasdaqNM:GLFD - news) dropped on Thursday after the company said its experimental drug to treat Parkinson`s disease did not create a significant change in the level of a nerve in the brain thought to contribute to the disorder. Earlier in the day, investors became nervous about the Phase II clinical trial results for Guilford`s the drug, called NIL-A, and sent the company`s shares down about 20 percent. After the company released the results, shares of Baltimore-based Guilford fell about 30 percent, closing at $16.15, down 26.59 percent on Nasdaq. Biotechnology giant Amgen Inc. (NasdaqNM:AMGN - news), which has partnered with Guilford to develop the drug, was believed to be preparing to discuss the Phase II trial results in conjunction with its second-quarter earnings statement, said analyst Matthew Geller of CIBC World Markets. ``The stock is down a lot because some people think that negative results will come out,`` Geller said before the statement including the trial results was released. The drug for Parkinson`s is one of six important programs in development for Guilford, so Thursday`s stock slump is an overreaction, Geller said. Officials at Guilford and Amgen were not immediately available for comment. Using a common measure of the density of nerve terminals for the chemical dopamine in the brain, Guilford said the placebo yielded a 3.4 percent increase in density in the clinical trial. The low-dose regimen of NIL-A raised dopamine density by just 6.3 percent and a high-dose treatment raised dopamine density by 9.4 percent. Dopamine, a neurotransmitter that sends signals to nerves, is believed to be present in improper levels in people with several disorders, including Parkinson`s, a disease marked by tremors and loss of muscle control. Although the drug raised dopamine density, the increases were not statistically significant. However, Guilford said the difference between the high dose group and the placebo was statistically significant when adjusted for age, duration of Parkinson`s disease symptoms, and the patient`s placement on the common scale when the clinical trial began. Current drugs attempt to increase the amount of dopamine levels in the brain rather than slowing the degeneration of dopamine nerve cells, Guilford said. Quelle:http://finance.yahoo.com http://www.reuters.com |
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| aus der Diskussion: | GUILFORD PHARMACEUTICALS - PART III |
| Autor (Datum des Eintrages): | Maiestro (28.07.01 01:04:08) |
| Beitrag: | 51 von 66 (ID:4073568) |
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