CV Therapeutics (Nasdaq: CVTX) Rated HOLD by Independent Researcher White Mountain Capital
October 29 2003 - 8:30AM
PR Newswire (US)
CV Therapeutics (Nasdaq: CVTX) Rated HOLD by Independent Researcher
White Mountain Capital NANUET, N.Y., Oct. 29 /PRNewswire/ -- White
Mountain Capital, a provider of independent research on select
biotechnology companies, today initiated coverage on CV
Therapeutics with a HOLD rating. "CV Therapeutics has a solid
late-stage clinical pipeline, and an experienced, creative
management team," said Oren Levy, Ph.D., M.D., Director of
Biotechnology Research for White Mountain Capital. "However, the
FDA's pending decision on the ranolazine application is the major
arbiter of the company's near-term success and this issue is simply
too close to call." According to Levy, ranolazine (trade name
"Ranexa"), CV Therapeutics' lead clinical candidate for the
treatment of angina, has had a tumultuous history since the drug
was submitted for review in December of 2002. An advisory committee
meeting, initially scheduled for this September, was unexpectedly
cancelled. Furthermore, there have been some concerns related to
QTc prolongation, a potentially serious side effect that has led to
usage restrictions or outright rejection of several otherwise
promising therapies. "While Ranexa has established efficacy, these
QTc concerns may lead to a recommendation for periodic EKG
monitoring or even a limitation to patients inadequately controlled
by first line agents. Though we believe that ranolazine will
ultimately gain approval, outright rejection is possible and would
be devastating to the company," he said. For a copy of the report,
call toll-free 866-833-5300 during market hours. For more White
Mountain Capital research titles, visit
http://www.whitemountaincapital.com/. About White Mountain Capital
White Mountain Capital is a full-service broker-dealer in New York.
Through its Biotechnology Research Department, the firm issues
independent research on select biotech companies. The department's
director, Oren Levy, M.D., Ph.D., is completing his residency at
Cornell Medical Center, after earning his Ph.D. in neuroscience
from Emory University, where he earned numerous scholarships and
research awards. Dr. Levy employs a proprietary research
methodology whereby ratings are based strongly on the viability and
medical necessity of companies' pipeline projects. CRD #104123.
DATASOURCE: White Mountain Capital CONTACT: Renee Luchkiw of White
Mountain Capital, +1-845-623-5959, Web site:
http://www.whitemountaincapital.com/
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