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Health and Healthcare

Biotech Implosion: CV Therapeutics (CVTX)

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By Douglas A. McIntyre Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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