Shares of Canada's Isotechnika were in meltdown mode this morning after Roche announced that it was dropping its rights to license the developer's experimental drug for solid organ transplant. Its stock was down 64 percent in early trading. The Natinal Post reports that the company swiftly rushed to put the best possible spin on the announcement.
"While we are disappointed about Roche's different priorities, we feel that this represents the first time since 2002 that we can offer a more comprehensive licensing package including both transplant and autoimmune indications to a focused and strong global partner," said Isotechnika chairman and CEO Robert Foster.
Phase IIb data supported the safety and efficacy of voclosporin but some analysts had questioned if the data was strong enough to keep Roche in the game.