Healthcare Business Update: Pfizer Gets New Results, Novovax Studies Meet Goals
Abbott Laboratories (NYSE:ABT) has been informed by Reata Pharmaceuticals that it is discontinuing Phase 3 trials of bardoxolone methyl in patients suffering from advanced chronic kidney disease and Type 2 diabetes following “excess serious adverse events and mortality.” Reata and Abbott, the latter holding the rights to the drug outside the United States, will evaluate the data to find whether it can still be developed.
Pfizer’s (NYSE:PFE) Zyvox antibiotic was effective in fighting a highly drug-resistant and lethal form of tuberculosis named XDR-TB when added to patients’ existing treatments. However, 82 percent of patients experienced side effects like lower red and while blood cell counts, along with damage to the optic and peripheral nerves. The side effects were reduced when the drug dose was reduced or ended.
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Shares of Novavax (NASDAQ:NVAX) jump on the word that Phase I clinical studies of its investigational avian influenza vaccine met their primary objectives of safety and immune response.
ImmunoCellular Therapeutics (NYSEAMEX:IMUC) shares lose more than a tenth of their value after the company priced its secondary offering of 10 million shares at $2.10, which represents a 13 percent discount to Wednesday’s close. Additionally, the firm is offering warrants to buy as many as 4.5 million more shares. Proceeds will be used for the current clinical development of its brain cancer treatment and lead pipeline product, ICT-107, and also for general corporate purposes.
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