NTMD proposes follow-on, releases A-HeFT data
NitroMed (NTMD) proposed to raise $65.2 million in a follow-on underwritten by JP Morgan; Pacific Growth; Deutsche Bank; and Bear Stearns. The deal has a $9.8 million overallotment.
As expected, NTMD also presented data from the 18-month, double-blind Phase III A-HeFT trial of BiDil in 1,050 African American patients with heart failure. BiDil met the trial's primary endpoints, which were death from any cause, first hospitalization for heart failure and change in quality of life. Patients given BiDil had a 6.2% death rate, compared with 10.2% for those given placebo (p=0.02). The compound also showed a 33% reduction in first hospitalization (p=0.001) and an improvement in the quality of life (p=0.02). In addition, BiDil gave a 43% improvement in survival compared with placebo. ...