FibroGen Inc (NASDAQ:FGEN) plummeted some 27% lower in Wednesday’s early deals after revealing that its intended treatment for Duchenne muscular dystrophy failed to achieve primary and secondary endpoints in a clinical study.
In the trial, the potential drug, pamrevlumab, had targeted an improvement in an ambulatory assessment score at 52 weeks in boys with DMD, ages six through 11.
The company said it would now evaluate the trial data.
“We are deeply disappointed that the study did not meet its primary endpoint,” FibroGen interim chief executive Thane Wettig said in a statement.
“We are committed to sharing all learnings from this trial with the Duchenne community and hope that there are insights that may help future efforts to develop treatments for this devastating disease.”
FibroGen noted that preliminary safety data showed that pamrevlumab was generally safe and well tolerated, while the majority of treatment emergent adverse events were mild or moderate.
In New York, FibroGen stock lost 35 cents or 27% to trade at 93 cents each.
Back in June, former chief executive Enrique Conterno resigned due to personal reasons.
Fibrogen stock is down more than 90% in 2023, immediately prior to Conterno’s departure in mid-June it was trading at $16 per share.