Aquinox Pharmaceuticals Inc (NASDAQ: AQXP) is having an incredibly rough time in the market early on this morning and for good reason. The company announced the failure of a Phase 3 clinical trial. Of course, the news upset investors and the stock is falling like a brick from the Empire State Building. Today, we’ll talk about:
- The clinical results;
- what we’re seeing from AQXP; and
- what we’ll be watching for ahead.
AQXP Announces Clinical Failure
As mentioned above, Aquinox Pharmaceuticals is having a rough start to the trading session this morning after announcing that a clinical trial has failed to meet its primary endpoint. In a press release issued early this morning, AQXP announced that the Phase 3 LEADERSHIP 301 clinical trial has failed to meet its primary endpoint. The trial was an evaluation of the once-daily, oral rosiptor (AQX-1125) for the treatment of interstitial cystitis/bladder pain syndrome (IC/BPS). In a statement, David Main, President and CEO at AQXP, had the following to offer:
This is a disappointing result for Aquinox and for patients… LEADERSHIP 301 was a robust and well-conducted trial, and we believe the results are definitive. We have conducted a number of sensitivity, subpopulation, and secondary endpoint analyses and none demonstrate a benefit of rosiptor over placebo. We had hoped to deliver better news to the patients and investigators that made the personal commitment to participate in the trial.
These results support halting all further development activities with rosiptor. We will be undertaking a thorough evaluation of our pipeline and other strategic options available to the company and will be in a position to provide further guidance later this year.
What We’re Seeing From The Stock
As investors, we know that when bad news strikes, stocks can fall hard. Unfortunately for Aquinox Pharmaceuticals, the news that was released today was anything but positive. With the failure of the clinical trial, AQX-1125 is going to be scrapped as an asset. Of course, this upset investors who sent the stock screaming for the bottom. As is almost always the case, our partners at Trade Ideas were the first to alert us to the declines. Currently (9:45), AQXP is trading at $2.68 per share after a loss of $12.63 per share (82.47%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AQXP. In particular, we’re interested in learning more about the company’s next steps following the failure of the clinical trial evaluating AQX-1125. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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