Pfizer

(PFE) - Get Report

will suspend the development of its aldose reductase inhibitor research compound, zenarestat, which the company is developing to treat diabetic neuropathy.

The pharmaceutical company said the decision was based on the evaluation of recent safety data in two large trials. Zenarestat was found to have potential renal toxicity in a small number of patients given the highest dosage in early Phase III trials.

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Pfizer's shares were recently down $1.38, or 3%, to $43.25 on the

New York Stock Exchange

.