04 December 2006 23:29 [Source: ICIS news]
NEW YORK (ICIS news)-- Pfizer said on Monday that it has ended development of a key cholesterol-lowering drug, torcetrapib after receiving reports that the drug caused an increase in deaths and heart problems during clinical trials.
“We’ve stopped all trials completely and have closed the entire programme,” said a Pfizer official.
Pfizer is in the process of notifying all clinical investigators in the programmeme and has informed the FDA (Food and Drug Administration), as well as other regulatory authorities.
An independent DSMB (data safety monitoring board) recommended terminating the drug’s programmeme after reviewing trial results. The recommendation came days after Pfizer’s research and development outlined the company’s strong portfolio of new compounds.
The company will continue to target the launch of roughly six new products a year, starting in 2010.
Shares of Pfizer plunged by $2.96, or 11%, to $24.90 on Monday.
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