Shares of Epix Pharmaceuticals (EPIX) were among health care stocks' losers Friday, plummeting 15.6% on disappointing study results of its experimental anxiety drug.
In phase III trials, the drug, dubbed PRX-00023, did not show a significant improvement in symptoms when compared with a placebo, the study's main goal. A secondary goal was to show improvement in a certain measure of anxiety, which the company says the data trended toward but results were impacted by a higher-than-expected response in patients receiving a placebo. Shares sank 83 cents to $4.48 in recent trading.
The antiviral drug, administered orally, will use Scolr's CDT drug delivery technology. If successful, the companies could enter a licensing agreement to market the drug. Shares were recently trading up 11 cents, or 2%, to $5.47.Gene Logic (GLGC) shares were up 5.2% after the company completed a review of its businesses. Based on findings from the 90-day review, the company says its so-called drug repositioning group has the capacity to significantly enhance long-term shareholder value. Through a number of agreements with large pharmaceutical companies like Pfizer (PFE) and Roche, Gene Logic picks up drugs that have stalled in mid-stage clinical trials and returns them to development. Gene Logic shares were up 8 cents to $1.61 in recent trading.