Rigel’s roller coaster ride of advances and setbacks continued this morning with the news that its drug fostamatinib failed a mid-stage study in IgA nephropathy, flunking the primary endpoint.
Investigators at the biotech $RIGL have been steering through a series of close hits and misses in the clinic, sending its shares yo-yoing over the past two years. The drug did not produce a significant mean change in proteinuria compared to a placebo.
The biotech, though, wanted to highlight a subgroup analysis, noting some positive results for patients with greater than 1 gram/day of proteinuria at baseline. These kinds of analyses, though, are rarely persuasive with investors and analysts.
Rigel’s shares dropped 10% in the wake of the news.
For now, Rigel execs say they will soldier on.
“We find the subgroup analysis encouraging because patients and physicians have been challenged to manage this serious disease that has no approved treatment options,” said CEO Raul Rodriguez in a prepared statement. “This study has provided valuable information on the potential benefit of fostamatinib in IgA nephropathy patients with significant need, those with greater than 1 gram/day of proteinuria. We will continue to evaluate the data to determine the best path forward in this indication.”
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