Study Termination Stuns Pfizer
From the LA Times:Pfizer Inc., the world's largest pharmaceutical company, suffered a severe blow this weekend when it terminated clinical trials of a touted cholesterol drug after a high number of patient deaths.More...
The decision to stop all clinical trials of torcetrapib also cast doubt on what medical experts had hoped would be a great advance in the treatment of heart disease.
"I am very disappointed," said Dr. Steven Nissen, chairman of cardiovascular medicine at the Cleveland Clinic in Ohio and chief medical investigator in Pfizer's trials, which were halted Saturday. "We had high hopes for this drug."
Investment analysts warned that Pfizer would have to expand its cost-cutting program and accelerate other projects to buttress its shares, which are likely to drop today as investors cool to the company's prospects.
posted by nattietodd @ 7:08 AM
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