With the ink on their $25M Astellas deal still drying, Aquinox shares get blasted on PhIII failure
Just weeks after Astellas agreed to pay Aquinox Pharmaceuticals $25 million upfront for Asian rights to their lead drug rosiptor, the little biotech says their Phase III trial was a complete disaster, leaving nothing to salvage.
CEO David Main didn’t sugarcoat it. No matter how hard they studied the data, the interstitial cystitis drug clearly couldn’t beat a placebo. He said:
We have conducted a number of sensitivity, subpopulation, and secondary endpoint analyses and none demonstrate a benefit of rosiptor over placebo.
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