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DeCode s Shares Rebound After Mid-day Dip Following Positive Drug Data

Oct 20, 2004

This article has been updated from a previous version. Share prices have been updated.

 

NEW YORK, Oct. 19 (GenomeWeb News) - Shares in DeCode Genetics closed up more than11 percent at $7.36 yesterday, regaining lost ground after the stock dipped mid-day following after the Icelandic pharmacogenomics company announced positive results from an ongoing drug trial.

 

Shares in the Icelandic pharmacogenomics company were at $7.31 in early-morning trading on the Nasdaq exchange today. They reached a high of $7.70 yesterday, but  receded to $6.90 in afternoon trade.

 

DeCode licensed the drug, which is in early-stage Phase IIa clinical testing, from  Bayer last November. 

Results of the study showed the drug, called DG031, to have significantly reduced levels of two chemical biomarkers associated with arterial inflammation and myocardial infarction risk.

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