Biotechnology companies Genentech Inc. and Biogen Idec Inc. said Tuesday their drug Rituxan failed a late-stage study involving lupus patients.
The drug, which is already approved to treat non-Hodgkins lymphoma and rheumatoid arthritis, failed to prompt a response in patients when compared with placebo in the 52-week study.
The drug also failed to meet any of its six secondary goals.
"We are disappointed in the results of this Phase II/III study, but we understood from the outset the significant challenges in developing treatments for systemic lupus erythematosus," said Dr. Hal Barron, Genentech (nyse: DNA - news - people )'s senior vice president of development and chief medical officer, in a statement.
The company has another ongoing late-stage study on lupus nephritis patients and said that will continue. Lupus nephritis is an inflammation of the kidney caused by lupus, a chronic inflammatory disease. Results from that study are expected in the first quarter of 2009.
Shares of Cambridge, Mass.-based Biogen fell $2.75, or 4.3 percent, to $61.92 in morning trading Tuesday.
Shares of South San Francisco, Calif.-based Genentech fell $3.25, or 4.4 percent, to $69.91.
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