Biotech failure, 2002 Message Board

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Biotech / Medical : Biotech failure, 2002

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To: Miljenko Zuanic who started this subject	1/16/2002 6:21:18 PM
From: scott_jiminez	of 130

Cubist flattened. ==================== Wednesday January 16, 5:47 pm Eastern Time Cubist tumbles 50 pct as drug fails key trial By Ransdell Pierson NEW YORK, Jan 16 (Reuters) - Shares of Cubist Pharmaceuticals Inc. tumbled late Wednesday after the firm said an experimental antibiotic failed the main goal of a key trial, and warned the setback could delay this year's planned marketing application for its medicine. Cubist (NasdaqNM:CBST - news) announced after the stock market closed that unsuccessful preliminary results from a Phase III international trial of its lead drug, Cidecin. The late-stage study involved 714 patients that had been hospitalized with community-acquired pneumonia. Shares of the Lexington, Massachusetts-based biotech firm fell nearly 50 percent in after-hours trading on the Instinet electronic brokerage system, to $15.80 from Wednesday's close of $31.75, following news of the Cidecin trial results. Cidecin (daptomycin) failed its main goal of being as effective as the most widely used current treatment, Rocephin (ceftriaxone), which is also given intravenously, Cubist said in a release. <abridged> ==================== biz.yahoo.com

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