Allakos gets in under the wire
Allakos, a biotech company at work on a controversial treatment for digestive disease, provided at least a partial answer to skeptics by keeping a promise.
Yesterday, the company said it started two Phase 3 trials on antolimab, a potential treatment for a group of chronic inflammatory disorders, meeting a self-imposed deadline of the end of the first quarter. Back in February, there was significant doubt that Allakos could pull that off, as the company had yet to complete a necessary FDA meeting and had mounted a previously undisclosed safety study with no explanation as to why.
But the future of antolimab, considered a potential blockbuster, is far from secure. The drug still has to work in Phase 3, and the market’s faith seems to have waned in recent months. Allakos’s share price has fallen by nearly 40% since the start of the year, and yesterday’s news didn’t provide a bounce.
Yesterday, the company said it started two Phase 3 trials on antolimab, a potential treatment for a group of chronic inflammatory disorders, meeting a self-imposed deadline of the end of the first quarter. Back in February, there was significant doubt that Allakos could pull that off, as the company had yet to complete a necessary FDA meeting and had mounted a previously undisclosed safety study with no explanation as to why.
But the future of antolimab, considered a potential blockbuster, is far from secure. The drug still has to work in Phase 3, and the market’s faith seems to have waned in recent months. Allakos’s share price has fallen by nearly 40% since the start of the year, and yesterday’s news didn’t provide a bounce.
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