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MAY 20, 2013 - Yahoo! News

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XenoPort to drop multiple sclerosis drug, shares fall

By Vrinda Manocha (Reuters) - XenoPort Inc said it would stop development of an experimental multiple sclerosis treatment it planned to launch in 2015 after a late-stage trial failed to show significant improvement over a placebo. Shares of the company fell 26 percent to $5.03 in morning trade on the Nasdaq. "This is disappointing, given (the drug's) promising mid-stage data," Wells Fargo analyst Brian Abrahams wrote in a note to clients. "We had modeled sales of $77 million by 2017 for the product. ...

Tags: XenoPort to drop multiple sclerosis drug, shares fall,  Multiple Sclerosis Latest News