Progenics Pharmaceuticals Sets Multi-Year Low On Disappointing Preliminary Findings

(RTTNews) - Progenics Pharmaceuticals (PGNX | news | PowerRating | PR Charts ) plummeted nearly 64% on Wednesday after the company announced preliminary findings from the first of two phase 3 clinical trials of intravenous methylnaltrexone being evaluated for the management of postoperative ileus, or POI, in patients recovering from segmental colectomy surgical procedures.

The stock gapped open sharply lower and continued to fall throughout the morning. PGNX closed down $8.62 at $4.93. PGNX smashed through support to end the session at a multi-year low.

The initial results from the phase 3 clinical trial showed that treatment did not achieve the primary end point of the study - a reduction in time to recovery of gastrointestinal function as compared to placebo. The study also did not show that secondary measures of surgical recovery, including time to discharge eligibility, were superior to placebo. In this clinical study, methylnaltrexone was administered intravenously in doses of 12 or 24 mg every six hours and was generally well tolerated.

For comments and feedback: contact editorial@rttnews.com Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index