Thursday, October 13, 2011

Depomed hot flashes drug fails in Phase III trial

Shares of drug developer Depomed Inc. tanked in after-hours trading Thursday after the company said a trial of its experimental hot flashes drug failed to decrease the number of attacks after 12 and 24 weeks of treatment.
The stock of Menlo Park-based Depomed (NASDAQ: DEPO) had closed Thursday up 22 cents at $6.28 per share, but after the company announced the results of the Phase III trial, shares were off $1.67 — or more than 26 percent — to $4.61 per share.
Depomed, however, said it would talk to the Food and Drug Administration about “possible pathways” for submitting the drug, called Serada, for approval. That meeting would likely come early next year, Depomed Chief Medical Officer Dr. Michael Sweeney said in a conference call Thursday afternoon.

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