Corbus tanks as lenabasum Phase III fails in systemic sclerosis
Shares in US biotech Corbus Pharmaceuticals (Nasdaq: CRBP) plummeted nearly 76% to $2.23 by close of trading on Monday, after the US drugmaker said that top-line data showed no significant differences in the primary and secondary endpoints when comparing its lead candidate lenabasum to placebo, both added to background drug therapy.
The data were from the 52-week Phase III RESOLVE-1 study of lenabasum in patients with diffuse cutaneous systemic sclerosis (SSc). SSc is a rare and life-threatening multi-system autoimmune disease for which there are currently no US Food and Drug Administration-approved treatments for overall disease.
Lenabasum, an oral synthetic endocannabinoid-mimetic that preferentially binds to the cannabinoid receptor type 2 (CB2).
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