In one of the most hotly rumored trial failures in recent years, AtheroGenics announced that its closely watched artery-clearing therapy, AGI-1067, failed to hit its primary goal in a late-stage trial, sending the company's stock price into a tail spin. Shares plunged 60 percent in value, even though trial data supported the drug as an effective therapy for preventing heart attacks, strokes and death. The trial was designed to track the drug's effectiveness against other heart problems as well, including chest pain and bypass surgery. But those softer targets proved the stumbling block in achieving the primary goal of the trial, which involved some 6,000 volunteers. AtheroGenics CEO Russell Medford (photo) said he was obviously disappointed that the drug had missed the primary goal, but pleased by the signs of efficacy in the trial data. A full presentation of the numbers will be made at the upcoming American College of Cardiology in New Orleans.
A number of analysts had discussed the likelihood that AGI-1067 would fail the trial, which severely depressed the company's stock value. The next big hurdle for AtheroGenics is determining AstraZeneca's willingness to stay on as a development partner.
- check out the release on the drug
- read the report on the data from Forbes
- and here's the Wall Street Journal's take (sub. req.)