Updated from 8 a.m. EDT
said its oral version of blood-thinning agent heparin failed to clinically improve on an injectable version in a Phase 3 trial.
The news sent the company's stock down $5.95, or 50%, to $5.97 a share in recent trading. TheStreet.com
wrote about the possibility that Emisphere wouldn't meet its endpoint in February.
The study compared oral heparin with
Lovenox in preventing blood clots in patients who received hip replacements. According to Emisphere, the study "suggests that there was lower efficacy due to limitations related to the dosage form and that an improved formulation would result in higher patient compliance." Nevertheless, the study found its oral version of heparin failed to lower blood clot occurrence by 10%, the endpoint established for claiming clinical superiority to Lovenox.
"Although we did not prove superiority of oral heparin compared to injected Lovenox, it was clear that with our carrier technology we were able to demonstrate the effectiveness of oral heparin in preventing deep vein thrombosis," Emisphere said.