Immunic plunges as IMU-935 trial confounded by high placebo rate

US immunology focussed biotech Immunic (Nasdaq: IMUX) saw is shares plunge nearly 75% to $2.34 post-market yesterday, after it reported disappointing early-stage results for its psoriasis candidate. The overall trial is ongoing and remains blinded.

The pre-planned interim analysis of Immunic’s Phase Ib clinical trial of IMU-935 in patients with moderate-to-severe psoriasis revealed that the group averages for Psoriasis Area and Severity Index (PASI) reductions in the two active arms did not separate from placebo at four weeks. Although the active arms performed in line with prior expectations, the trial experienced a greater decrease than expected in PASI in the placebo arm based on similarly designed trials.

This is the second time in four months that an Immunic program has failed, after its lead candidate – IMU0838 -missed the goal in a Phase II trial for ulcerative colitis. As a result, the company dropped the indication altogether for the program.