(Updates share price)CHARLOTTE, N.C. ( TheStreet) --An update on my previously discussed long trade idea for Chelsea Therapeutics ( CHTP): Last night, the company said it plans to meet with U.S. drug regulators seeking permission to change the primary endpoint of an ongoing phase III study of the droxidopa in patients with orthostatic hypotension. As a result, data from this study won't be ready for release this quarter, but will be delayed into early next year, pending the outcome of the FDA meeting, the company said. Chelsea executives explained last night that altering the ongoing phase III study to use a different primary endpoint may increase the chances for a successful outcome.
I posted my idea for a long trade in Chelsea on Oct. 1 with the stock around $3. Chelsea shares were down 12.6% to $2.57 in Tuesday trading. -- Reported by Adam Feuerstein in Boston