Cosmo Pharmaceuticals sinks after FDA denies Methylene Blue appeal

Cosmo NV

12/03/2019 08:56

** Shares of Cosmo Pharmaceuticals  COPN.S  sink 10 pct at
SFR 78.75 after denial of methylene blue MMX appeal 
    ** According to the FDA, Methylene Blue MMX is not intended
to cure a disease but help the prevention of colorectal cancer
and will likely be taken by millions of patients undergoing
colonoscopy
    ** Hence, a phase III confirmatory trial is needed to
approve the drug
    ** Co will not pursue further appeals
    ** COPN intends to present a new clinical plan with
different endpoints that will take into account the findings of
the completed phase III
    ** COPN lost ~11 pct of its value this year
    

 (Reporting by Karina Dsouza in Bengaluru)
 ((Karina.Dsouza@thomsonreuters.com))