Aquinox Pharmaceuticals announced this week that it is ending a study into the company’s lead drug after disappointing results. The news sent the company’s shares plummeting by about 85 percent.
The late-stage trial was focused on rosiptor, a treatment for interstitial cystitis and bladder pain syndrome. Ultimately, the study found that the drug failed to significantly improve bladder pain symptoms compared to a placebo. Given the results, Aquinox reported that the failed study will likely cause the company to completely end the drug’s development.
“This is a disappointing result for Aquinox and for patients,” the company’s CEO, David Main, said. “We had hoped to deliver better news.”
Main said that Aquinox would now reevaluate the company’s entire pipeline and its strategic options.
Read the full Reuters report.