Share Price Of Alkermes Declines
The share price of the US company Alkermes dropped as much as $6.50, or32.1%, to $13.75 following the firm saying that a clinical study had shown that RMP-7, which it is developing for the treatment of brain tumors, didn't work as well as had been expected.
Earlier this year, the company's share price had risen sharply after it had announced positive results from studies of the compound, when the market had expected the results to be negative (Marketletter January 13 and 6).
Some analysts had expected RMP-7 to be approved by the US Food and Drug Administration as early as this summer, but Edmond Debler of Mehta & Isaly says the market introduction of the product could now be delayed as long as 16 months.
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