Shares of CV Therapeutics plummeted following the company's announcement late Tuesday that its angina drug ranolazine was not effective in a study of acute and long-term treatment of patients with a type of heart disease known as acute coronary syndrome.
Wednesday's drop came on top of the shares losing more than a quarter of their value in after-market trading Tuesday.
There was no adverse trend in death or arrhythmias in patients taking the drug, also known by the chemical name ranolazine, the company said.
CV Therapeutics said it believes the data could support expansion of the drug's approved uses to be included as a first choice treatment for angina. It is currently approved to treat chronic angina in patients who have not achieved an adequate response with other drugs.