Array
Biopharma Inc(NASDAQ:ARRY), which reported the results of the mid-stage trial
of its experimental pain drug, ARRY-797, saw its shares dropping on Wednesday
after concerns surfaced about the side-effects of the drug.
While
reporting the results of the trials on Tuesday, Array said that some patients
had experienced symptoms that could raise the risk of arrhythmia or irregular
heartbeats.
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Investors
were worried that such a side effect could impact sales and its ability to form
collaborations to market the drug.
Array
shares were trading down more than 17 percent in early afternoon trades on
Wednesday.
Meanwhile
shares of InterDigital, Inc.(NASDAQ:IDCC) soared as much as 25 percent after it
won a court ruling that could potentially enable it to force Nokia to pay it
royalties on patents for third generation mobile phone technology.
InterDigital
had approached the International Trade Commission to ban imports of Nokia's 3G
phones on the grounds that it had not paid royalties for various technologies.
Nokia contended that the patents were not valid.
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The
Commission however ruled in Nokia's favour saying that there was no patent
infringement.
InterDigital
then went in appeal against the ITC ruling to the U.S. Court of Appeals for the
Federal Circuit, which overturned the Commission's ruling.
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