Boston, MA 10/01/2013 (wallstreetpr) – Share prices of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) fell by more than 58% yesterday after the drug regulators of the United States kept a clinical hold on the company’s Hepatitis C drug Sovaprevir. An official from the pharmaceutical company confirmed the news after the markets closed on Friday.
Achillion, which did a detailed research in the field of Hepatitis C over the past few years, recently came up with its product. However, it failed to pass the United States Food and Drug Administration (FDA) compliance. The drug was applied on a few Hepatitis C patients, however, it didn’t have any positive major impact on such patients. Sovaprevir also triggered certain abnormal liver results and in many cases, a patient’s physical condition got deteriorated. The clinical hold was put into place after researchers observed formation of pretty high level of liver enzymes when the drug was applied to some patients.
Hepatitis C is a disease which has affected almost 170 million people across the globe. There are also other drug makers such as AbbVie Inc. and Gilead Sciences Inc. which are also conducting researches to develop an advanced drug for the disease. With the clinical hold being imposed by the United States FDA on Achillion’s new drug, it may be well assumed that Sovaprevir is almost out of the race if the company doesn’t come with an updated better version of the drug. Achillion will however also concentrate and perform research works on its other Hepatitis C drugs with the help of its experienced researchers.
An official of the company is pretty hopeful about the drug and also confirms that the pharmaceutical company will adopt necessary steps to impress FDA. Milind Deshpande, Chief Executive of Achillion Pharmaceuticals said in a statement, “While we are disappointed that we were not able to resolve the clinical hold at this time despite having addressed all the issues.”
