CHIRON'S DRUG FOR SEPSIS IS INEFFECTIVE
NEW YORK. (Reuters) - Biotechnology company Chiron Corp. (NasdaqNM:CHIR -
news) said Wednesday a late-stage clinical trial of a drug designed to treat the deadly blood
infection syndrome sepsis failed to meet its primary goal of reducing patient deaths within 28
days.
The Phase III trial of the drug, tifacogin, which included about 2,000
patients, did not indicate the drug was effective, Chiron said, adding there
were no safety risks associated with the drug.
Sepsis, caused by infections of the blood often acquired while patients are
in the hospital, kills between 30 and 50 percent of those who develop
severe forms of the disease, Chiron said.
Shares of Chiron fell to $44.80 in pre-open trading Wednesday morning
from Tuesday's close of $50.09 on Nasdaq.
The experimental drug is being co-developed with Pharmacia Corp.
(NYSE:PHA - news).
The U.S. Food and Drug Administration in late October granted conditional approval to a new drug to treat sepsis made by
Eli Lilly and Co. (NYSE:LLY - news).
Emeryville, California-based Chiron said it would decide about the development of the drug after it fully analyzes data from the
clinical trial.
Tifacogin was formed to block a process in the body that leads to coagulation, or clotting. By blocking clots, Chiron theorized
that it could prevent the failure of multiple organs, which is a major cause of death in severe sepsis patients.
Shares of Chiron have been trading near a range of $40-$50 since July 2000, although they hit a 52-week high of $58.05 on
Nov 7.
The stock has dipped since then and has experienced higher-than-normal trading volume, however, as traders began
discussing the possibility of negative test results for the sepsis drug. Options trading showed that November puts exceeded
calls by a ratio of about three-to-one on Nov 5.
A company spokesman told Reuters at the time that the sepsis program was on track. |
