BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is in trouble as Levi & Korsinsky has initiated a probe against the firm for possible infringement of federal securities laws. According to the law firm, the investigation will find whether the company and its directors are involved in misinterpretation of information to securities holders.
Meanwhile, the stock of the company has dipped to 67% to $2.48 per share in Monday pre-trade following announcement of the results of the OPuS-2 clinical trials. The company reported failure in the mid-stage study of the avoralstat drug for treating patients suffering from hereditary angioedema (HAE), a rare genetic disorder involving face swelling.
For the study, patients suffering from angioedema having a weekly rate of 0.45 attacks were administered 500mg and 300 mg dosage of the drug three times every day for 3 months. The drug was aimed at reducing the attack rates and to gauge the safety of the drug for the patients.
38 study participants were given 500mg dose while 36 were given the 300mg dose and 36 were given a placebo. The avoralstat treatments failed to show any significant effects on the patients. The findings of the trial were a major jolt to the company and have shattered all its dreams of developing a cure for the rare disorder.
Confirming the disappointing news, President and CEO, BioCryst Pharmaceuticals, John P. Stonehouse, said that OPuS-2 trial was executed well and has indicated that the 500 mg and 300 mg dosage has no hope of treating the disease.
Hope for Future
He stated that the results have not only provided a clear picture of the inefficiency of the trial but also taught them that they needed better exposure for making the dug a success. The company was going to initiate a relative bioavailability study with a new dose of the drug, the results of which are expected to be released in 2016 mid.
The company also had some hope of achieving success in the treatment of angioedema with an oral kallikrein inhibitor with BCX7353 ApeX-1 dose trails by the end of the year, according to Stonehouse.