Shares in US drugmaker Proteon Therapeutics (Nasdaq: PRTO) nose-dived some 75% in Tuesday's trading to $2.50 as the company announced the failure of a late-stage trial of its kidney disease drug vonapanitase.
The company, based in Massachusetts, said its first Phase III trial of its sole drug did not meet its primary endpoint of improved primary unassisted patency compared to placebo.
The 313-patient PATENCY-1 trial tested 30mg vonapanitase in patients with chronic kidney disease (CKD) receiving or expecting to receive hemodialysis who underwent surgical creation of a radiocephalic arteriovenous fistula.
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