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CV Therapeutics Plunges

Shares fall after mixed study results.

CV Therapeutics (CVTX) plunged 32% late Tuesday after mixed study results.

The company said the Merlin Timi-36 study of its ranolazine drug didn't meet its primary efficacy endpoint but did show that the drug is safe.

The Palo Alto, Calif., company said an analysis of unblinded data from the multinational, double-blind, randomized, placebo-controlled, parallel-group clinical trial also shows there was no adverse trend in death or arrhythmias in patients on ranolazine.

CV Therapeutics said it believes the data could support expansion of the existing Ranexa (ranolazine extended-release tablets) indication to include first-line angina. Currently, Ranexa is indicated for the treatment of chronic angina in patients who have not achieved an adequate response with other antianginal drugs, and should be used in combination with amlodipine, beta-blockers or nitrates.

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Shares were halted late Tuesday after rising a dime to $12.30. After the stock resumed trading at 4:30 p.m. EST, it plunged $4 to $8.30.