AstraZeneca has abandoned its collaboration with AtheroGenics on its cardiac drug AGI-1067 after the drug failed to perform better than a placebo in a Phase III clinical trial last month. AstraZeneca paid a $50 million licensing fee for development rights to the therapy, which now revert back to AtheroGenics. AtheroGenics says it will announce its plans for the drug after a full review of its options. But the developer shows no sign of backing away from the therapy, which failed its primary endpoint but hit certain predefined endpoints in its trial.
"Based on our analysis of the data and discussions we've had to date with clinical and regulatory experts, we remain committed to further developing AGI-1067," said Dr. Russell M. Medford, president and CEO of AtheroGenics. "AtheroGenics has the financial resources to continue the development of AGI-1067, and we look forward to providing more detailed plans in the coming weeks."
- check out the release
- read the report on the breakup from the Atlanta Business Chronicle
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