(Reuters) -Vertex Pharmaceuticals said on Monday it will not continue development of its experimental non-opioid painkiller as a solo treatment after it failed to meet the main goal of a mid-stage trial, sending its shares 11.8% lower after the bell.
The next-generation drug, called VX-993, reduced pain by 74.5 points over 48 hours, the company said, compared with a pain reduction of 50.2 points in the placebo group. However, the difference between the two groups was not statistically significant, Vertex added.
Wall Street analysts and investors have been eagerly awaiting the results of this trial that would help Vertex expand beyond its non-opioid Journavx, bolstering its pain drug treatments.
The company tested acute pain reduction in patients who had bunionectomy, the surgery to correct deformed bones of the big toe and foot.
The drug was found to be generally safe, with most side effects being mild to moderate and no serious problems linked to the painkiller, the company said.
Like Vertex’s Journavx, which received FDA approval in January, VX-993 works by blocking the sodium channel NaV1.8, which plays a key role in transmitting pain.
(Reporting by Sriparna Roy and Padmanabhan Ananthan in Bengaluru; Editing by Leroy Leo)
Comments