July 31, 2012 / 8:55 PM / 5 years ago

Array pain drug fails to better existing treatment, shares fall

(Reuters) - Array BioPharma Inc (ARRY.O) said its experimental pain drug did not reduce pain better than the existing standard of care in a mid-stage study, sending its shares down 13 percent in after-market trade.

The compound, ARRY-797, reduced pain similar to the standard of care for chronic pain, Oxycodone ER. Patients taking Oxycodone showed a higher rate of adverse events in the trial.

The mid-stage study showed that ARRY-797 reduced pain significantly higher than a dummy drug -- the main goal.

Data from the trial suggests that ARRY-797 could be effective in treating both acute and chronic pain indications, the company said in a statement.

ARRY-797 is currently being tested in multiple ascending dose trials, the drugmaker added.

Shares of the Boulder, Colorado-based company, which have risen about 45 percent in the last three months, fell 13 percent to $4.50 in extended trade. They closed at $5.14 on Tuesday on the Nasdaq.

Reporting by Vidya P L Nathan in Bangalore; Editing by Sriraj Kalluvila

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below