Pharmaxis shares dive 30% on trial results
- 23 June, 2010 16:21
Pharmaceutical company, Pharmaxis (ASX:PXS) underwhelmed the market with the results from their phase III clinical trial of cystic fibrosis treatment drug Bronchitol®.
The primary endpoint comparing the FEV1 mL improvement of Bronchitol to control over the 26 weeks, narrowly missed statistical significance.
But Gary Phillips, Pharmaxis Chief Operating Officer told CFO World that "Cystic Fibrosis patients in the recently reported phase 3 clinical trial on Bronchitol had an 8.2% improvement in lung function (FEV1) over the 6 months of the study."
Phillips pointed out that the patients in both studies were already on best standard of care so the result "suggests potential for Bronchitol to make a real difference to the lives of cystic fibrosis patients."
While someone with cystic fibrosis might be quite pleased about getting 100ml of additional air into their lungs using a simple inhaler treatment, the market viewed it differently, lopping a third off the company’s share price today.
Pharmaxis shares closed at $2.10 today down $1.02 on yesterday’s close of $3.12 and setting a new 52 week low.