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Pfizer Inc. Releases Statement
Regarding Cardiovascular Risks of Drug Celebrex
December 17th, 2004 –
www.InvestorIdeas.com – Pfizer Inc. (PFE) has released a statement
declaring that use of their painkilling drug Celebrex by cancer patients
could result in an increased risk of heart problems. Dosing in long term
cancer studies has been suspended by the National Cancer Institute, while
the reported findings of two long-term cancer trials are analyzed.
As reported to Pfizer by the Data Safety and Monitoring
Board, one of the studies (the APC cancer trial) demonstrated an increased
cardiovascular risk over a placebo, while the other trial (the PreSAP cancer
trial) revealed no greater cardiovascular risk than a placebo.
“These clinical trial results are new,” said Hank
McKinnell, Pfizer chairman and chief executive officer in the statement.
“The cardiovascular findings in one of the studies (APC) are unexpected and
not consistent with the reported findings in the second study (PreSAP).
Pfizer is taking immediate steps to fully understand the results and rapidly
communicate new information to regulators, physicians and patients around
the world.”
“In placing this new information in context, it is
important to understand that the APC trial results differ from both the
PreSAP cardiovascular results as well as the large body of data that we and
others have accumulated over time, in which an increased risk of serious
cardiovascular events in arthritis patients, even at higher-than-recommended
doses, had not been seen,” said Dr. Joseph Feczko, president of worldwide
development for Pfizer.
Following the results of the study and the release of
this statement by Pfizer, the stock of the giant pharmaceutical maker
plunged in early trading on the New York Stock Exchange, where its shares
were down $5.61, or more than 19 percent, at $23.37.
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