Myrexis to drop development of Azixa; 4th-qtr loss widens; names new CEO
US biotech firm Myrexis (Nasdaq: MYRX), previously known as Myriad Pharmaceuticals, saw its shares fall 4.6% to $2.70 in after-hours trading last Friday after the company reported that it was dropping further development of its lead product candidate Azixa (MPC-6827), as a vascular disrupting agent, and that its loss for the fiscal fourth-quarter ended June 30 had increased to $8 million for $7.8 million a year earlier. The loss per share was unchanged at $0.31, which was better that the $0.35 predicted by two analysts polled by Thomson Reuters.
Clinical development strategy update
The company recently completed an in-depth review of its drug development pipeline in order to objectively assess the technical, regulatory and economic potential of each of its drug development programs and to facilitate an effective allocation of its resources.
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