The news at Sweden's BioInvent is all bad. Last month its shares went into a meltdown after its lead drug–partnered with ThromboGenics--failed a head-to-head study with Xarelto. Roche ($RHHBY) then pulled out of a separate partnership and the company followed up with a round of layoffs. Today it says that one of the two drugs it planned to shift its focus to failed a Phase IIa trial. And its shares tumbled again, plunging 67%.
BioInvent noted that BI-204–which is partnered with Genentech–failed the primary endpoint: The relative change in inflammatory activity in an index arterial vessel after twelve weeks compared to a placebo.
"We conclude that BI-204 did not meet the primary objective set out in the GLACIER study," said Svein Mathisen, the CEO of BioInvent. "Before deciding on the future of BI-204, we and our partner Genentech need to finalize the full data analysis. We expect to provide an update later this year."
BioInvent announced earlier that it is laying off 21 of its 89 staffers. And it has other programs, including the cancer drug BI 505, in the pipeline.
- here's the press release
BioInvent forced to reorganize, ax staffers in wake of study failure
BioInvent, ThromboGenics bloodthinner fails to beat Xarelto
Roche signs up for $774M development pact