GTC Biotherapeutics (fka GTCB)

[DewDiligence]

NVO Drops NovoSeven for ICH

[This will likely eliminate the small off-label sales NovoSeven has managed to garner in this indication. ICH is not one of the indications GTC and LFB were planning to target in their rFVIIa collaboration.]

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070226:MTFH46441_2...

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Mon Feb 26, 2007 3:12 AM ET

COPENHAGEN, Feb 26 (Reuters) - Drug maker Novo Nordisk said on Monday it had decided not to seek regulatory approval for its drug NovoSeven to treat bleeding in the brain, sending its shares down almost 8 percent. The Danish firm said initial results from a phase III clinical trial showed that its anti-bleeding drug NovoSeven reduces bleeding in the brain, but does not improve long-term clinical outcomes.

"This is very bad news... It was an important product in Novo's pipeline," said Handelsbanken analyst Michael Novod. "It will disappoint the markets." Novo Nordisk shares were down 7.6 percent at 474 Danish crowns by 0809 GMT.

The firm said the results of the trial did not change its earnings expectations for 2007.
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