CV Therapeutics (CVTX) just showed Ranexa study for chronic chest pain (angina) that aren’t what investors were hoping for. The Phase III clinical trial studying the drug for other uses as a treatment of coronary syndromes did not meet its primary study goal for effectiveness for "FIRST-LINE" treatment, but it is already approved for second-line treatment for chronic angina. Here is the issue: But the "safety" results gathered from the study could support expansion of the drug into a first-line treatment. Full results will be released March 27 at the American College of Cardiology Scientific Session in New Orleans.
Shares of CVTX were up $0.10 to $12.30 in regular trading, but shares are now down 27% at $8.92 in after-hours trading. This will mark a 52-week low if this level holds. THe 52-week range is $9.45 to $25.36 and the company still loses money. Before this the company has street EPS projections of -$3.30 for 2007 and -$1.65 for 2008.
As of the $12.30 closing price it had a market cap of about $730 million and had cash and equivalents of more than $300 million. Total assets are $421 million but total liabilities after a $399.5 million long-term debt come out to $467 million.
Jon C. Ogg
March 6, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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