Shares of Memory Pharmaceuticals plunged this morning after researchers announced that its lead drug failed to achieve any of its endpoints in a mid-stage study for mania in bipolar patients. The volunteers in the MEM 1003 trial were studied to see if they achieved a 50 percent improvement on a standard mania scale. No serious side effects were recorded, but that was cold comfort to investors. Memory shares quickly lost about a third of their value in early trading. MEM 1003 is also being studied as a therapy for Alzheimer's. Memory was a 2003 Fierce 15 [1] winner.
- check out Memory's press release [2]
- read the AP report [3] on Memory Pharmaceuticals
Related Article:
FDA allows Memory to restart trial. Report [4]
Links:
[1] http://www.fiercebiotech.com/Fierce15/2003/#Memory
[2] http://www.fiercebiotech.com/node/5879
[3] http://www.businessweek.com/ap/financialnews/D8NM15F00.htm
[4] http://www.fiercebiotech.com/story/spotlight-fda-allows-memory-to-restart-trial/2006-12-11