The study results were expected to boost the prospects of St. Jude Medical's device that plugs a hole in the heart to prevent strokes. They didn't. Too many people dropped out of the years-long study to make the results statistically significant.
The device, called the Amplatzer PFO Occluder, was shown to reduce the risk of stroke by 46.6 percent to as much as 72.7 percent when compared to patients who were treated with medication only. But because the study didn't meet its goal, the device's once-promising U.S. prospects now are considered a bit more "wait and see."
Thom Gunderson, a senior analyst with Piper Jaffray & Co., said: "The Street is split," and pointed out that St. Jude's stock price fell about 4 percent after the company announced study results last week. But, he said, many doctors remain convinced that the plug has potential.
"Cardiologists thought it was a good trial," Gunderson said. "For the doctors I talked to, it remains a viable option for them."
And Little Canada-based St. Jude isn't giving up hope either.
"We remain very encouraged because it is a complex patient population and it was a very complex study design," said Pamela Simons, a vice president of clinical affairs for St. Jude Medical. "I think that this provides a new set of evidence for patients and clinicians to discern."
Simons said the study results will be used to support the company's application to have the Amplatzer approved.
In a note to investors, Danielle Antalffy, with Leerink Swann Research, said the mixed results of the study "seemed to raise the question of how to identify the appropriate patient to treat, likely driving the industry to seek even more data still and limiting near- to medium-term market growth."