Indevus Pharmaceuticals ( IDEV) on Friday reported positive results for a late-stage trial of Nebido as a treatment of male hypogonadism. The Lexington, Mass., biopharmaceutical company said the results from the phase III trial for the injectable testosterone therapy met all of its primary endpoints, which were related to hormone concentrations throughout dosing, and that the drug was well-tolerated. The company, which bought the U.S. rights to Nebido from Bayer Schering Pharma AG in 2005, conducted the trial specifically to evaluate the once-every-three-month treatment under Food and Drug Administration guidelines for the approval of testosterone therapy products for the condition. Indevus was down 3 cents, or 0.4%, to $7.29 in recent trading.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).