Vaxart Inc (NASDAQ:VXRT) was one of several pharmaceuticals companies to see its shares tank after disappointing clinical trials.
The topline results from a Phase 2 clinical trial of its antiviral drug teslexivir 5% gel fell short of the primary efficacy point.
The goal was to see a complete clearance of condyloma, or anogenital warts, by week 16. Of the 218 patients in the study, only 30.6% were clear by week 16 compared with 23.3% of patients in the placebo group.
"While this trial did not achieve the primary efficacy endpoint, we were pleased with the benign safety profile and positive efficacy trends in certain patient subpopulations,” said CEO Wouter Latour in a statement.
READ: Small-Cap Snapshot: Clinical trial data results make or break biopharma companies
There will be a follow-up phase of the study and data collection over the next few weeks.
Fellow pharmaceutical companies Nektar Therapeutics (NASDAQ:NKTR) and Jounce Therapeutics (NASDAQ:JNCE) also saw their shares fall sharply following underwhelming clinical trial results.
Shares of the California-based biotech fell more than 18% to US$4.28 in Monday afternoon trading.