Investors cut the value of CV Therapeutics by 20 percent this morning after company officials announced that its angina drug Ranexa failed to demonstrate efficacy for patients with acute coronary syndrome. Ranexa was approved to treat chronic angina in patients who had not responded to other therapies. CV added that despite the trial failure it still expects to get an FDA approval for Ranexa as a first-line therapy. Analysts are also waiting to see how Ranexa performs as a therapy for diabetes.
- check out this press release
- read the report on the trial results from MarketWatch