Little Proteon Therapeutics took a torpedo right at the water line this morning, reporting that its Phase III study of vonapanitase for chronic kidney disease had failed badly.
The Waltham, MA-based biotech saw its shares $PRTO crater, dropping 83% and leaving the market cap at $10 million, which is less than the cash it has on hand.
The p values on their drug reflected the extent of the disaster, with co-primary endpoints for fistula use for hemodialysis (p=0.328) and secondary patency (p=0.932). The biotech said that it will be studying its next moves, including all “strategic options.”
“We believe this trial was well conducted and are surprised and disappointed by these results,” said CEO Timothy Noyes. Cash and equivalents on hand amount to $16.5 million.
The biotech went public in the 2014 wave, pricing shares at $10. The price this morning: 57 cents. Founded in 2001, Proteon went public after Novartis dropped an option to buy the company.
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