Canadian Drug Companies

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Globe/DJ say Medicure beats hopeful on phase III study


2006-04-13 06:55 ET - In the News

The Globe and Mail reports in its Thursday, April 13, edition that Medicure is moving forward with a single confirmatory phase III study to gain approval for its MC-1 product to reduce cardiovascular events in patients undergoing coronary artery bypass graft surgery. A Dow Jones dispatch to The Globe reports the company said MC-1 has received a fast-track designation from the United Sates Food and Drug Administration. Introduction of the latest study is targeted for the second half of 2006. Medicure stock climbed 22 cents to close at $2. Medicure trades on the Toronto Stock Exchange. The stock has a 52-week trading range of $2.37 to 72 cents. National Bank Financial analyst Andre Uddin rated the stock "outperform" in The Globe on Sept. 15. He gave the stock a 12-month target price of $3.25. The stock has since climbed 82 cents. At the time Medicure president Albert Friesen said there was "extensive interest" by potential drug company partners. The Globe reported on Dec. 12 that analysts were predicting the biotech industry was turning the corner. Medicure stock has since advanced 47 cents. A $1,000 investment on Dec. 12 would now be worth $1,886.79.