CV chronicles

CV chroniclesWith its shares down 62% since it launched angina drug Ranexa ranolazine in March 2006, CV Therapeutics last week asked biotech banker Fred Frank of Lehman to counsel the company on strategic alternatives. A big chunk of the valuation falloff came on March 6, when CVTX slumped 28% on news that Ranexa missed the primary endpoint in the Phase III MERLIN TIMI-36 trial in acute coronary syndrome (ACS). Meanwhile, the drug has not jumped out of the starting blocks in its marketed indication for second-line angina. In its first full quarter on the market (2Q06), Ranexa sales were only $1.2M. In 2Q07, Ranexa sales were $15.3M. Below are selected events tracked against CVTX's weekly stock price. A. 5/29/02 - Falls $5.15 (21%) to $19.25 after being downgraded by Morgan Stanley. The firm notes the high probability of a "prominent warning" for Ranexa after clinical trials showed a small increases in QT prolongation.B. 7/29/02 - Gains $2.83 (14%) to $22.74 after announcing plans to start ahead of schedule Phase III testing of regadenoson (CVT-3146) for myocardial imaging C. 6/13/03 - Raises $100M via convertible notesD. 8/04/03 - Drops $7.31 (21%) to $27.87 on news it agreed with FDA to cancel a panel review of Ranexa for chronic unstable angina. The company says it could not complete discussions with the agency in time to distribute briefing packages to the Cardiovascular and Renal Drugs Advisory Committee.E. 10/23/03 - Gains $4.23 (23%) to $22.45 on news that the advisory committee will review the Ranexa NDA on Dec. 9. F. 10/30/03 - Gets an FDA approvable letter for Ranexa in which the agency requests additional clinical data...