BOSTON (Thomson Financial) - Par Pharmaceutical Cos. Inc.'s Strativa
Pharmaceuticals subsidiary Monday said its development partner, Immtech
Pharmaceuticals Inc. has chosen to discontinue the development program for
pafuramidine maleate.
On Friday, Immtech received additional reports of "adverse events" related
to abnormal kidney function that resulted in hospitalization of several
volunteers from the ongoing safety study. As a result, Immtech has chosen to
discontinue the development program for pafuramidine maleate, an investigative
therapy.
Previously, Strativa had acquired commercialization rights to pafuramidine
for $3 million, which was incurred as research & development expense in 2007. In
light of the discontinuation of the development program, Strativa said no
further payments are due to Immtech under the commercialization agreement.
Shares of Par Pharmaceutical rose 1.5% to $20.02, while shares of Immtech
plunged 58% to 84 cents.
Casey Logan
cl/vj
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