Arde­lyx rolls out pos­i­tive PhI­II IBS-C da­ta on tena­panor as ri­vals prep for a show­down, but shares crater

Two days ago it was Syn­er­gy Phar­ma’s turn to tout pos­i­tive Phase III da­ta on its drug Tru­lance for ir­ri­ta­ble bow­el syn­drome with con­sti­pa­tion. To­day, ri­val Arde­lyx $ARDX is step­ping up with the first of its two Phase III read­outs on tena­panor as the new­com­ers look to chal­lenge Iron­wood’s mar­ket-lead­ing ther­a­py. And at first blush, in­vestors weren’t im­pressed.

All but one of the key da­ta points were all pos­i­tive. In the pri­ma­ry goal, ob­serv­ing the im­pact of their drug in 6 of 12 weeks of ther­a­py, 27% in the tena­panor arm scored a com­plete re­sponse on a sig­nif­i­cant 30% or greater re­duc­tion in ab­dom­i­nal pain and at least one added com­plete bow­el move­ment from base­line — com­pared to 18.7% in the place­bo group.

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