NitroMed Hits New Low
NitroMed's (NTMD) shares hit an all-time low Thursday as the Lexington, Mass., drugmaker withdrew its full-year sales guidance.
The stock was off 98 cents, or 26%, to $2.77, and hit an intraday low of $2.70, its worst level ever. NitroMed went public in late 2003.
The company pulled its forecast after posting a second-quarter loss of $18.3 million, or 50 cents a share, on sales of $2.86 million. Analysts polled by Thomson First Call had expected a loss of 61 cents and sales of $4.6 million.
For the same period last year, NitroMed lost $22.6 million, or 75 cents a share, on revenue of $398,000.NitroMed has struggled with sales of BiDil, a congestive heart failure drug for African-Americans, the only drug approved by the Food and Drug Administration for an ethnic group. The company has had trouble convincing managed-care firms to provide the drug with low copayments. BiDil, which reached the market in July 2005, combines two existing drugs that have lost patent protection. Early
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