(BridgeBio) BridgeBio Pharma shares fell 67% in premarket on Monday after the company announced that a stage 3 study for its acoramidis drug failed to meet its primary endpoint at the twelfth month.
The study of the drug, used in treating a cause of heart failure among the aging, had findings similar to expected results produced in healthy adults.
The disappointing results showed fewer declines than those in untreated individuals in previous company reviews. The drop was at least 70% lower in the placebo group compared to the group taking the drug.
BridgeBio CEO Neil Kumar says the results are baffling, promising to scrutinize it for further answers. Kumar says the company looks forward to part B readout at 30 months to have a clear idea of the drug effects on all-cause mortality and related cardiovascular hospital cases.
Kumar is still optimistic BridgeBio is “well-capitalized” on the completion of the ATTRibute-CM trial and next year’s delivery of “additional catalysts” that will allow studies on use in multiple genetic diseases.
BBIO: NASDAQ is down -67.53%.
