Monday, March 12, 2012

Anthera (Nasdaq: ANTH) Shares Plunge on Stopping Heart Trial for Lack of Effectiveness

Anthera (Nasdaq: ANTH) Shares Plunge on Stopping Heart Trial for Lack of EffectivenessChicago, IL 3/12/12 (StreetBeat) -- Anthera Pharmaceuticals Inc. (Nasdaq: ANTH) plummeted as much as 52 percent after canceling a late-stage trial of an experimental treatment for heart disease because it didn’t work.

Anthera sank 48 percent to $3.32 at 9:48 a.m. New York time, after earlier touching $3.08 for the biggest intraday decline since the company first sold shares to the public in March 2010. The shares of the Hayward, California-based company had risen 6.3 percent in the 12 months before today.

Anthera closed enrollment in the study and told investigators to immediately remove patients from the therapy, according to a company statement on March 9. The trial was in the third and final stage of clinical testing generally needed for regulatory approval.

“This new information was totally unexpected and disappointing given the potential benefits of this drug,” Stephen Nicholls, chairman of the executive committee overseeing the trial, said in the statement.

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