Idenix Pharmaceuticals (US: idix) saw a sudden decline in its share values. There has been a decline by 30%, leaving the market value to $5.96, this Thursday.
It has been reported that due to safety issues, U. S. Food and Drug Administration suspended the ongoing Phase II clinical trial for its drug IDX184 for the time being. The drug was being tested for its efficiency to cure hepatitis C virus, or HCV. IDX184 has been classified under a new type of HCV drugs known as nucleotides.
The FDA has ordered partial hold due to a miss-happening during the clinical trials, as a result of which a voluntary patient suffered cardiac arrest. However, that was due to the placebo. But FDA has asserted that they wish to confirm the findings by assessing the reports of the patient. Further, FDA has asked the company to assist them with complete information of the patient, so that they do not have to face any problems while evaluating the reports.
On the other hand, the news regarding the partial hold of the trial also plunged the share value of rival Bristol-Myers Squibb (US: bms) by 10% earlier this month.
“The U. S. FDA is looking at other compounds from the same class of medicines called nucleotide polymerase inhibitors”, Idenix Chief Executive Officer Ron Renaud said.