Halozyme Therapeutics is dumping an early-stage osteoporosis program after witnessing severe site injection reactions. Investors--in no mood for setbacks, no matter how early in the development process--quickly sliced off nine percent of the San Diego-based company's share value.
"While Halozyme successfully completed dosing for eight cohorts of varying concentrations of bisphosphonate in combination with PH20, the occurrence of mild to moderate ISRs at commercially attractive volumes and dosing schedules exceeded the company's predefined benchmarks for moving forward," the developer noted in a statement.
"We have a rigorous portfolio management process designed to support the development and commercialization of first in class or best in class products," stated Jonathan Lim, M.D., Halozyme's president and CEO. "Based on this open label study, the results do not justify further development of Bisphosphonate-PH20 for osteoporosis. We will reallocate our resources to more commercially attractive product candidates in Halozyme's portfolio."
- read the Halozyme release