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Anadys shares plunge on hepatitis C drug ANA598 safety concerns
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BANGALORE, April 23 (Reuters) - Drugmaker Anadys Pharmaceutical Inc said three patients dropped out of a safety study of its experimental hepatitis C drug as they developed rash, sending its shares plunging 51 percent.
'Given the rash has been an issue in Telaprevir's development, we find this signal a cause for concern,' said Jason Kolbert, an analyst with ThinkEquity LLC.
Telaprevir is Vertex Pharmaceuticals Inc (NASDAQ: VRTX - news) 's closely watched experimental hepatitis C therapy that showed skin rash as one of its side effects in mid-stage studies.
Anadys said three subjects receiving the drug, ANA598, developed rash and discontinued treatment after either six or seven days of consecutive dosing.
Kolbert also raised concerns about Anadys' search for a potential partner for the drug.
'We believe any potential collaborator will be very focused on this new signal, which could delay timing of a partnership,' he said.
In March, Anadys' chief executive said the company was in fairly advanced stage of discussions with potential partners.
Shares of the company fell 35 percent to $3.82 in afternoon trade on Thursday, making them the top percentage loser on Nasdaq (NASDAQ: news) . They had touched a low of $2.88 earlier
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