US-based Furiex Pharmaceuticals’ shares have fallen more than 11% after it announced that it would stop developing PPD-10558, an investigational drug to treat high cholesterol.
The company revealed last week that patients enrolled in a Phase II trial, who had high cholesterol and a prior history of statin-associated myalgia, did not experience less muscle pain than when given Pfizer’s Lipitor or a placebo.
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The study, therefore, did not meet its primary efficacy endpoint.
As expected, PPD-10558 did significantly lower low-density lipoprotein cholesterol compared with a placebo, and had a favourable safety profile.
Furiex president and chief medical officer June Almenoff said, "We are disappointed with the results, given the promising pre-clinical profile of PPD-10558. We, however, are confident that the study effectively evaluated the clinical hypothesis, and has provided a clear scientific result."
Company chairman Fred Eshelman added, "Given the results of this recent Phase II clinical trial, Furiex will not move forward with PPD-10558. We will continue to advance our other clinical programmes and remain committed to our product portfolio and pipeline to support and create value for the company."
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By GlobalDataFuriex acquired an exclusive license rights in early 2007 from Ranbaxy Laboratories to develop, manufacture and market its novel statin PPD-10558.
