Immunex reports negative clinical news
Biotech's Thursday ended in a similar fashion to the way it started - negative news - as Immunex (IMNX) announced after market close that it and partner American Home Products (AHP) discontinued Phase II/III development of Enbrel to treat congestive heart failure (CHF), based on the recommendation of an independent data monitoring board that the product would not have met its efficacy end points. IMNX also said that its Nuvance inhaled soluble interleukin-4 (IL-4) receptor missed its primary end point in two Phase II asthma studies. The news sent IMNX shares plummeting, as the company was down $8.188 (45 percent) to $9.875 at 8:26 PM EST in after-hours trading. IMNX did announce positive Phase III data for Enbrel in psoriatic arthritis, with an sBLA expected mid-year. Enbrel is marketed to treat rheumatoid arthritis. ...