Cambridge, MA-based Idenix is preparing a formal burial for valopicitabine, an experimental therapy for hepatitis C. CEO Jean-Pierre Sommadossi says he believes that the FDA's decision that the drug's risks outweigh its benefits leaves the drug "with no future for clinical development." Idenix has to discuss the funeral details with Novartis, which partnered up on the drug, but those kinds of remarks leave little room for reversal. Idenix technically put the development program for NM283 on hold. Investors shifted gears fast, sending the company's stock down about 22 percent.
'We remain committed to building a leading antiviral franchise and will continue to focus on ensuring a successful launch of Tyzeka/Sebivo (for hepatitis B) and on advancing our pipeline,' said Sommadossi.
- see the release
- check out this AFX report
ALSO: Idenix's loss is Vertex's gain. Vertex is developing a competing hep C candidate: telaprevir. Report (WSJ sub. req.)
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