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Biotech / Medical : Biotech - Technical Analysis
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To: Tomato who wrote (195)3/19/2002 3:37:48 PM
From: rolatzi  Read Replies (1) of 544
 
VPHM new drug application was turned down by the FDA:

Panel negative on ViroPharma drug

By Ted Griffith, CBS.MarketWatch.com
Last Update: 3:27 PM ET March 19, 2002

EXTON, Pa. (CBS.MW) -- A U.S. Food and Drug Administration advisory
panel recommended Tuesday against approving ViroPharma's
experimental treatment for the common cold, according to Reuters.

The panel's unanimous
rejection is a major blow to
ViroPharma because the
drug, called Picovir, is the
biotech firm's lead product
candidate. ViroPharma had
hoped that Picovir would be
the first drug approved to
treat the viral cause of a
cold rather than just the
symptoms. The agency
typically follows the
recommendations of its
panels, which are made up
of medical experts.

Shares of ViroPharma
(VPHM: news, chart,
profile) were halted at
$13.42. The stock had
tumbled late last week amid
fears that the panel would
recommend against
approval.

A spokeswoman for the
biotech firm didn't
immediately return a call
seeking comment.
European drugmaker
Aventis (AVE: news, chart,
profile) has licensed certain
marketing rights to Picovir.
Shares of Aventis were
down 58 cents to $69.93 in
recent action.

Picovir had produced mixed
results in several rounds of
patient testing.
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