Quantum Genomics tanks, as firibastat misses in Phase III
Shares of French biotech Quantum Genomics (Euronext Growth: ALQGC) were decimated on Friday after its revealed efficacy results for firibastat in its Phase III study FRESH in treatment-resistant hypertension (TRH), are non-significant versus placebo. The stock plunged 90% to 0.33 euros.
As a result, the company has terminated a second, longer-term Phase III trial (REFRESH) in TRH and will stop the development of firibastat in cardiology. The company will now focus on the development of new, undisclosed treatments.
Quantum Genomics’ long-term strategy rested on firibastat’s success in TRH. However, the discontinuation of clinical activities will leave the company with a not insignificant cash position (11 million euros) with which to acquire or license new assets for development, noted analysts at Edison Research.
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