Adolor reported today that results of their latest study on Alvimopan show that it increases the chance of cardiovascular events. They also said that they, and partner Glaxo-Smithkline, are halting all clinical trials on the drug. Predictably the stock price of ADLR cratered, dropping
57% to $3.75. I think it will drop more, I am damn glad to have gotten out of the stock just last week, for it has been a favorite of mine - the market for opoids that do not affect the gastro-intestinal system is just huge.
What this shows is how risky one trick biotech stocks are, and how well deserved any success is that comes their way. In the meantime, Progenics (PGNX) is the other pure play biotech company with a product designed to meet the same needs as Alvimopan.
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