Ani­ka Ther­a­peu­tics shares crater as its 2nd PhI­II OA study flops -- drug com­bo pales in com­par­i­son to a steroid

The ex­ecs at Ani­ka Ther­a­peu­tics $ANIK strug­gled to find good things to say about their lead pipeline project’s Phase III study. But the fail­ure to hit the key end­point at 6 months for os­teoarthri­tis did them in, dri­ving their stock down by more than 25% af­ter hours Tues­day.

Big im­prove­ments were tracked in pain func­tion and qual­i­ty of life com­pared to an ear­li­er piv­otal tri­al, re­searchers say. But that nag­ging flop for os­teoarthri­tis of the knee at 26 weeks is what snared in­vestors’ at­ten­tion.

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