Ionis Pharmaceuticals (IONS) scrapped a Huntington treatment late Monday after an independent committee questioned whether the benefits of the drug outweighed its risks. In response, the IONS stock fell.
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The drug was developed in partnership with Roche (RHHBY). Although there were no new safety issues, the committee made the decision based on the benefit / risk profile of the drug in the Phase 3 test, Ionis said in a news release. Researchers will continue to follow participants for safety and clinical outcomes.
In the late action on today’s stock market, the IONS stock crashed 19.8% near 44.70. Shares ended the regular session with a gain of 2.6% at 55.64. Roche’s inventory remains unchanged in late action. Shares rose the usual session by 3.2% to 42.50.
“We are very disappointed with this news,” Ionis CEO Brett Monia said in a written statement. “Obviously this is not the outcome we have been working towards, because over the years we have grown quite close to the (Huntington’s disease) patient community.”
Ionis said it would also interrupt the dosing of patients in the open-label study while analyzing the results of the Phase 3 test. The news is a hit for IONS stocks, as the remedy, known as tominersen, is one of Ionis’ late-stage asset levels.
Roche said he will share future plans for tominersen after the full results are available.
Follow Allison Gatlin on Twitter @IBD_AGatlin.
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