VBI Vaccines shares splinter as investors look beyond trial's top line

17 June 2019

At first glance, an observer might have predicted that shares in VBI Vaccines (Nasdaq: VBIV) would have shot up based on the results of its PROTECT Phase III study, rather than to decline by more than 60% as they did on Monday morning.

The PROTECT study is a comparison of 10 µg dose of Sci-B-Vac, the USA-based company’s trivalent hepatitis B vaccine, compared with a 20 µg dose of the comparator vaccine, GlaxoSmithKline’s (LSE: GSK) Engerix-B.

Both co-primary endpoints were successfully met – including non-inferiority in all adults aged at least 18 years, and superiority in those of 45 years or more.

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