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12:00 AM
 | 
May 03, 2010
 |  BioCentury  |  Product Development

Inflation, then deflation

Despite statistical error, NeuroSearch says Huntington's program is on track

Three months ago, NeuroSearch A/S became one of the hottest stocks in European biotech when its share price almost doubled in response to top-line data from the Phase III MermaiHD trial of Huntexil pridopidine in Huntington's disease. All things considered, the company got off better than it might have last week after revealing three pieces of bad news: an error in analysis that changed the result of MermaiHD, delays in its other Phase III program, and the likelihood that GlaxoSmithKline plc will not exercise options it holds on a handful of preclinical compounds.

Top-line data reported in February from the 437-patient MermaiHD study showed that 45 mg of the dopamine stabilizer given twice daily was statistically superior to placebo in improving motor function, the primary endpoint. The news sent the stock up DKK83 (98%) to DKK168 on Feb. 3, the day of the announcement, and the shares finished that week at DKK224, giving it a market cap of DKK5.5 billion ($1 billion).

Last Wednesday, CEO Flemming Pedersen...

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