Shares of the thinly traded, micro-cap biotech Inflarx NV (NASDAQ: IFRX) were losing 90 percent of their value Wednesday following a failed clinical trial. ChemoCentryx Inc (NASDAQ: CCXI), which has a rival drug in its pipeline, traded down in sympathy
InflaRx announced top-line results from the Phase 2b study SHINE, which showed that IFX-1, its pipeline candidate for treating moderate-to-severe Hidradenitis suppurativa, or HS, did not meet the primary endpoint of demonstrating a statistically significant dose-dependent effect on the HS Clinical Response, or HiSCR rate, at week 16.
The HiSCR rate was 51.5 percent for the treatment arm compared to 47.1 percent for the placebo arm.
HS is a chronic inflammatory skin disease with limited treatment options.
IFX-1, InflaRx’s lead compound, is a first-in-class anti-human complement factor C5a monoclonal antibody being evaluated for multiple indications. The HS indication is in the most advanced stage of clinical development.
ChemoCentryx Trades Down
ChemoCentryx, a small-cap biotech, is moving in sympathy with InflaRx. The move in the stock is in reaction to the read-through from the InflaRx trial setback, JPMorgan analyst Anupam Rama told Benzinga.
ChemoCentryx’ CCX168 is being tested for HS in a Phase 2b trial.
Inflarx NV shares were down 90.78 percent at $3.44 at the time of publication Wednesday on 105 times their average volume, while ChemoCentryx shares were down 18.05 percent at $9.08.
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