Progenics shares stabilize
-
- March
- 8
Shares of Eastview-based Progenics Pharmaceuticals Inc. nudged up today, a day after losing 16 percent of their value because of news that an experimental drug failed to relieve constipation. The shares rose 30 cents to close at $22.87. Yesterday, the shares dropped nearly 16 percent to $22.57 following an announcement that tests on methylnaltrexone showed the body tolerates the drug but that it was not effective enough to justify further tests. Progenics and Wyeth Pharmaceuticals said they were starting tests on a new formulation of the drug and hoped to seek U.S. Food and Drug Administration approval for marketing rights in 2009 or 2010.
This entry was posted
on Thursday, March 8th, 2007 at 6:38 pm by Allan Drury.
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