Biotech Values

[DewDiligence]

ViroPharma's Maribavir Fails Trial, Shares Dive

http://www.reuters.com/article/marketsNews/idINBNG41523920090209

›Mon Feb 9, 2009 10:09am EST

Feb 9 (Reuters) - ViroPharma Inc (VPHM) said its experimental antiviral compound, maribavir, failed to meet the main goal of a late-stage study in patients who have had bone marrow transplant, hammering its shares down 60 percent to their lowest in more than three years.

Maribavir failed to reduce the incidence of cytomegalovirus (CMV) disease as compared to a dummy drug, the company said.

Cytomegalovirus is a member of the herpes virus family and is a frequent viral illness post transplants. Maribavir was being tested in two separate trials -- in patients receiving stem cell transplants and solid organ transplants. The study also failed to meet the key secondary endpoints. However, the drug was generally well tolerated in the study [who cares?], the company said.

ViroPharma currently has two drugs in the market. Vancocin, an antibiotic, and Cinryze, a treatment for a potentially fatal genetic disease.

Shares of the company fell to a low of $4.89 before paring some losses to trade down $5.71 at $6.50 Monday morning on Nasdaq.‹