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News Life Sciences Over a quarter wiped off Alizyme's shares
News Life Sciences Over a quarter wiped off Alizyme's shares | Over a quarter wiped off Alizyme's shares |
| Written by Lautaro Vargas | |
| Wednesday, 23 April 2008 | |
|
Over a quarter was wiped off Alizyme’s share price after
the Cambridge biotech announced it would discontinue development of its
irritable bowel syndrome (IBS) drug candidate, renzapride, following
Phase III results, which showed it had limited effects. While statistical significance was achieved for the primary endpoint – duration of relief of overall IBS symptoms – and there were no safety or tolerability issues, treatment groups showed limited clinical improvement over the placebo group and there were also limited effects seen on the three key secondary endpoints: relief of pain, bowel problems and bloating. The company concluded that the results did not warrant further development of renzapride by Alizyme, triggering a drop of 10p in its share price, down to 26.0 per cent from 38.5p a share. Alizyme chief executive, Tim McCarthy, said the company was disappointed with the outcome of the Phase III clinical study of the compound, which had performed strongly in its Phase II clinical programme, and the company would now concentrate on its other products. “Although in this Phase III study, renzapride has demonstrated some therapeutic benefit and was shown to be safe, the results do not provide sufficiently compelling data to justify further development by Alizyme,” said McCarthy. “Following today’s announcement we will focus our resources on the other three products in our product portfolio and on the commercialisation of these late-stage assets.” These include one treatments for obesity, Mucositis and ulcerative colitis (UC). One UC compound (COLAL-PRED) is already in Phase III trials, another is Phase III ready as are two of its Cetilistat obesity compounds.
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