Diurnal stock craters on PhIII fail; Ortho wins tentative FDA OK for Bryhali; Cavion insists failed PhII study was a win

→ Shares of the UK biotech Diurnal (AIM: $DNL) were pummeled today when the company reported that its Phase III study of Chronocort failed. The drug failed to beat a conventional treatment for endocrine control among patients suffering from congenital adrenal hyperplasia in a 24-hour period. The stock plunged more than 60%.

Ortho Dermatologics, a sub of Bausch Health, has received tentative FDA approval of its NDA for Bryhali, a topical treatment for plaque psoriasis.

→ Charlottesville, VA-based Cavion says that its Phase II trial for CX-8998 failed the primary endpoint for essential tremor, but the biotech is insisting that the positive data it saw in other endpoints qualify it as a success.

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