Shares of United Therapeutics fell more than 6 percent Monday after the company announced it would be delaying the launch of an implantable pump until 2018.
The pump treats patients with pulmonary arterial hypertension, a type of high blood pressure that affects arteries in the lungs and in the heart, by delivering prescription drug Remodulin.
“We are sorry to have missed our 2017 launch target, but it is a small miss in the context of our providing more U.S. pulmonary arterial hypertension patients with helpful medicines than any other company,” the pharmaceutical company said in a Monday statement.
United’s implantable pump should be able to launch after the company pursues regulatory filings relating to the device and drugs, the firm said.
The Maryland-based company is working on the device’s development in partnership with Medtronic.
United’s stock closed at $135.38 on Friday, and as of Friday shares are up nearly 20 percent over the past 12 months but are down nearly 6 percent for the year. The stock traded around $126 on Monday.
United said Monday morning it will hold a call for anyone interested in this announcement at 9 am ET, and more details can be found here.
UTHR year-to-date performance