Dermira tanks as acne drug fails in Phase III trials
US dermatology focussed biotech Dermira (Nasdaq: DERM) saw its market value decimated yesterday after it announced that the investigational treatment olumacostat glasaretil (formerly DRM01) did not meet the co-primary endpoints in its two Phase III pivotal trials (CLAREOS-1 and CLAREOS-2) in patients ages nine years and older with moderate-to-severe acne vulgaris. Its shares plunged 65.86% to $8.59 by close of trading.
“We are surprised and extremely disappointed by the results of the Phase III program,” said Tom Wiggans, chairman and chief executive officer of Dermira, adding: “This is disappointing not only for the company, but also for patients who are living with this condition and dermatologists who have been looking for novel therapies to treat them.”
Likely to be discontinued
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