RALEIGH, N.C. (AP) — Inspire Pharmaceuticals Inc. said Monday that its potential cystic fibrosis drug failed to meet key treatment goals in a late-stage study. Its shares tumbled more than 54 percent in pre-market trading.
The company is studying denufosol tetrasodium as a treatment for the genetic condition, which results in thick mucus buildup in the lungs. The results from the latest Tiger-2 test mark a reversal from the prior successful Tiger-1 study of the drug candidate.
"These Tiger-2 results were disappointing and unexpected given the treatment effect observed in the Tiger-1 trial," President and CEO Adrian Adams said in a statement. "We will conduct a thorough analysis of the data to fully understand the results from this trial and the impact on any future development of denufosol and on the company going forward."
The latest study involved 466 patients taking either denufosol or placebo.
Adams said the company will continue to focus on its drug candidates aimed at treating glaucoma.
Shares of Inspire fell $4.58, or 54.5 percent, to $3.82 in pre-market trading on Monday. The stock closed at $8.40 on Friday.