Biotech Values

[Bio_pete]

Medicure mulling early data release for heart drug
Thu Sep 20, 2007 11:52am EDT

TORONTO, Sept 20 (Reuters) - Medicure Inc (MPH.TO: Quote, Profile, Research) said on Thursday it completed enrollment of patients for the Phase 3 trial of its heart treatment ahead of schedule, which could pave the way for early dissemination of the data.

The small biotech company said it enrolled more than 3,000 patients in the study for its MEND-CABG II trial, a treatment for reducing post-operative heart attacks in patients undergoing coronary artery bypass.

Medicure had targeted completion by November. The company is still sticking to its original schedule to release the data in early 2008, but a company spokesman said it could be sooner.

"This is probably one of, if not the biggest independent Phase 3 trials in Canadian biotech history. Three thousand patients is a big number to manage by one company and we've pulled it off so far," said Medicure spokesman Adam Peeler.

"This brings things into focus in terms of how close we actually are to data from the trial."

Peeler said the company is eyeing the summer of 2008 to submit a new drug application to the U.S. Food and Drug Administration.

"This is huge, positive news for the sector. The fact that it's the largest clinical trial for a biotech company in Canada, this is a major milestone that they have achieved here," said Paradigm Capital analyst Claude Camire.

"This really speaks to the true value of management that was able to complete this ahead of time."

Medicure shares were unchanged by late morning at C$1.10 after climbing as high as C$1.15 earlier in the day.

http://www.reuters.com/article/marketsNews/idUKN2039221120070920?rpc=44