AtheroGenics’ Shares Sink after a Disappointing Phase III for Atherosclerosis Drug

AtheroGenics’ candidate to treat atherosclerosis failed to meet its endpoint in Phase III evaluation. The company reports, however, that certain predefined endpoints were attained.

The company’s shares fell 61% to open trading at $3.04.

The ARISE study did not show a difference from placebo in its composite primary endpoint. However, the AtheroGenics says, there was a reduction in the composite of hard atherosclerotic clinical endpoints, composed of cardiovascular death, myocardial infarction, and stroke, as well as an improvement in several key diabetes parameters.

After completion of the final analysis, AstraZeneca, who is collaborating with AtheroGenics on this compound, has 45 days to decide whether or not to continue with the collaboration.

The Phase III, double-blind, placebo-controlled trial was conducted in over 6,100 patients with a recent acute coronary syndrome. The trial was conducted in 259 cardiac centers in the U.S., U.K., Canada, and South Africa.