Medicines Co., a maker of injectable heart drugs, rose the most in five months after the company said a late-phase trial produced positive results for an experimental blood thinner that had failed previous studies.
Medicines Co. increased 12 percent to $28.83 at 4 p.m. New York time, for its biggest gain since July 25. The company increased 41 percent in the past 12 months through yesterday.
Cangrelor, in development to prevent blood clots, showed statistically significant improvement in hospitalized heart patients compared with Plavix, an older blood thinner from Sanofi and Bristol-Myers Squibb Co., Parsippany, New Jersey-based Medicines Co. said today in a statement. Cangrelor is an intravenous blood thinner and Plavix, which has lost patent protection and is now in generic forms, is taken orally.
Medicines Co. said it ended tests on cangrelor in May 2009 after it proved no more effective than an existing treatment. Full results of the new trial will be presented at a major medical meeting, the company said in the statement.