MAP drops 77% as pediatric asthma drug misses Ph III endpoints

Shares in the USA's MAP Pharmaceuticals plummeted 77% on February 24, after the firm's experimental pediatric drug for asthma failed to  meet the primary endpoint in a late-stage study. A Phase III trial  assessing two doses of Unit Dose Budesonide showed the product did not  achieve asthma control as assessed by changes from baseline in nighttime  and daytime composite symptom scores, in either of the doses evaluated,  when compared with placebo. Median nebulization times were less than  four minutes for both doses in the study. Patients continue to be  treated in a 52-week trial to collect long-term safety data. Leerink &  Swann analyst Joseph Schwartz wrote in a note to investors that this  failure is particularly surprising since the trial design was largely  identical to successful mid-stage studies. Many analysts do not expect  further development of the drug, which is partnered with  AstraZeneca. Shares in the Anglo-Swedish drug major fell 3% to $34.33  on the news.