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NEW YORK (AP) -- Shares of Novacea Inc. plunged to an all-time low Monday after the biotechnology company said it stopped trials of its prostate cancer drug candidate Asentar. Patients taking the drug in a late-stage study died more often than those taking a standard treatment, Novacea said. The tests compared Asentar and the chemotherapy drug Taxotere to Taxotere alone. About 900 patients were enrolled in the trial out of a planned total of 1,200; Novacea did not say how many died. Novacea and its partner Schering-Plough Corp. said they plan to continue developing the drug. Novacea shares dropped $4.64, or 65.5 percent, to $2.55 in morning trading, and reached a low of $2.21. Analysts said the company is worth about $4 per share without Asentar. Bear Stearns analyst Akhtar Samad downgraded the stock to "Underperform," or "Sell," from "Outperform," or "Buy," on the news, saying Novacea's partnership with Schering-Plough is in jeopardy. All five analysts reporting to Thomson Financial had rated Novacea shares at "Buy" or the equivalent. Schering-Plough shares fell 24 cents to $29.72.
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