Rigel Pharmaceuticals' just got a little thinner, as another failed clinical trial has dimmed its hopes in dry eye disease, the latest in a string of missteps for the biotech.
Rigel Pharmaceuticals rang up another big setback today. Just weeks after announcing a plan to ax 30 staffers as it circled its wagons around a pair of mid-stage drugs--news that followed AstraZeneca's high-profile decision to abandon fostamatinib--one of the drug hopefuls failed a mid-stage study.
After a pair of painful setbacks in the clinic this year, South San Francisco-based Rigel Pharmaceuticals is axing 30 staffers and redirecting its R&D strategy in an effort to find a few winners in the pipeline.
Shares of Rigel Pharmaceuticals took a dive this morning, dropping 17% after the South San Francisco-based biotech announced that it is burying a program for allergic asthma after its drug R343 flunked a midstage study.
AstraZeneca just can't catch a break. After looking over lackluster late-stage results for its rheumatoid arthritis drug fostamatinib, the pharma giant has opted to scrap its development efforts and turn the whole program back over to Rigel, the biotech partner which had licensed it to them in the first place
The London drug giant missed one out of two main goals for the study of fostamatinib, leaving the prospects of the candidate open to skepticism after it fell short of matching the efficacy of AbbVie's Humira in an earlier mid-stage trial.
The deal hinges on Rigel's candidate known as R256, an inhalable JAK inhibitor under evaluation for treating tough cases of asthma.
Falling short of its primary goal in a mid-stage study for an oral drug in rheumatoid arthritis patients, German biotech 4SC ($VSC) is keeping its chin up in pursuit of a partner to take the
Pfizer's decision to cut all allergy and respiratory drug development work came as good news for Rigel Pharmaceuticals, even though it meant the end of the two developers' pact for allergic asthma
Pfizer's decision to end its allergy and respiratory R&D work has prompted the company to return rights to the R343 program for allergic asthma to Rigel Pharmaceuticals. The drug has shown