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ASPV Sinks to 12-Month Low on CellCept Results in Lupus

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070627:MTFH17518_2...

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Wed Jun 27, 2007 11:22 AM ET

TORONTO, June 27 (Reuters) - Shares of Aspreva Pharmaceuticals Corp. <ASV.TO> dropped to a 52-week low on Wednesday after the small biotech company said its experimental drug CellCept, used for treating a serious and rare form of autoimmune disease lupus, failed to meet its main goal in a late-stage trial.

Aspreva, which has a collaboration agreement with Swiss drugmaker Roche Holding AG <ROG.VX> for the drug, said CellCept was not superior to intravenous cyclophosphamide, the current standard of care for lupus nephritis, in inducing treatment response in the disease.

The shares were down C$1.56, or 7.7 percent, at C$18.76 by late morning after sliding as low as C$18.06 earlier in the day. This was well below its Nov. 13 low of C$19.58. The volume was a light 27,832 shares.

The company said the results relate to the induction phase of the study, which was designed to measure treatment response in patients after 24 weeks of induction therapy with patients in two different arms of the study.

It said additional analyses were continuing to determine the potential for a regulatory submission. Aspreva also said plans to present the final results at an appropriate scientific forum.

Earlier this month, the company said the U.S. Food and Drug Administration granted it "fast track" status to the experimental drug. There has been no new approved treatment for lupus in the United States in more than 30 years.
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