Praecis shares hammered as sales effort halts
Shares of Praecis Pharmaceuticals got hammered this morning after the drug developer said it would stop looking for a buyer for its prostate cancer drug Plenaxis. In late 2004 the company reported that doctors were reluctant to prescribe the drug out of concerns over insurance reimbursements. Now Praecis says it will wind down U.S. sales of the drug, pull it from the market and not go after international sales.
- here's the AP report on Praecis
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