Shares of Retrophin Inc.
plunged 26% toward a 3 1/2-year low in premarket trading Thursday, after the biopharmaceutical company said a phase 3 trial of its treatment for pantothenate kinase-associated neurodegeneration failed to meet its primary and secondary endpoints. Pantothenate kinase-associated neurodegeneration (PKAN) is a rare, genetic and life-threatening neurological disorder. “We are very disappointed in the topline results from the FORT Study, particularly because we have seen the devastating impact of PKAN on patients and their families, and a significant unmet need remains with no approved treatment option,” said Chief Executive Eric Dube. “We will work closely with the investigators to further analyze the results of the study and share them with the PKAN community to contribute to the growing knowledge of this rare disorder.” The company said it remains focused on advancing its two phase 3 programs evaluation its treatment of focal segmental glomerulosclerosis (FSGS) and IgA nephropathy. The stock has lost 23.1% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF
has gained 10.0% and the S&P 500
has advanced 16.7%.
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