Merrill keeps Axcan at neutral

Axcan Pharma Inc. was kept at neutral by Merrill Lynch analyst Hari Sambasivam on news the company's North American phase 3 study for ITAX (itopride hydrochloride) did not reach its co-primary endpoints using either the original statistical analysis or the revised statistical analysis plan. In addition, the mechanistic studies in healthy volunteers and diabetic patients showed positive trends but do not warrant further development of ITAX. As a result, Axcan has discontinued all development of ITAX. Axcan's core gastrointestinal business is a valuable asset with its niche focus, dedicated sales force and the scarcity of GI-focused specialty pharmaceutical companies, according to the analyst. Shares of the Mont-Saint-Hilaire, Quebec-based pharmaceutical company were down 55 cents, or 4.17%, at $12.65. (Nasdaq: AXCA)

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