Just two months after raising $84 million from an upsized IPO, Concert Pharmaceuticals ($CNCE) says that a key Phase II study of its lead -- or most advanced -- drug, CTP-499, flopped on its primary endpoint for diabetic kidney disease. Lexington, MA-based Concert presented the Phase II results as positive, waiting until the end of their release to acknowledge that the drug had failed the primary endpoint for a marker on kidney tissue damage. Investigators, though, insisted that they saw promising trends in the data, though that rarely satisfies analysts. And they added that they had tracked a statistically significant response for biomarkers of kidney disease. "The results of this Phase 2 trial after 48 weeks were highly encouraging and, I believe, support the progression of CTP-499 into larger clinical trials. Overall, these data suggest that CTP-499 may protect patients from suffering loss of kidney function by reducing the progression of fibrosis," said Dr. Bhupinder Singh. Release