Allakos tanks as Phase II lirentelimab trials miss goal
California, USA-based biotech Allakos (Nasdaq: ALLK) yesterday announced disappointing top-line data from its Phase II clinical trial in patients with atopic dermatitis (ATLAS) and from its Phase IIb clinical trial in patients with chronic spontaneous urticaria (MAVERICK).
The news sent the firm’s shares tumbling 60% by closed of trading on Tuesday, and a further 7.6% to $1.10 in pre-market activity today.
“We are disappointed that these trials did not meet their primary endpoint, particularly given the need for new treatment options for patients with these severe diseases. Given that neither trial met its primary endpoint, we have decided to not pursue further clinical development of lirentelimab,” said Dr Craig Paterson, chief medical officer of Allakos.
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