Biota tanks as flu drug candidate disappoints

USA-based Biota Pharmaceuticals (Nasdaq: BOTA) saw its shares slump 29% to a record low of $2.29 on Friday, after the company reported disappointing results with its flu drug candidate laninamivir octanoate, dubbed the IGLOO study.

Biota announced top-line data from a randomized, double-blind, placebo-controlled, parallel-arm Phase II clinical trial comparing the safety and efficacy of a 40mg and 80mg dose of laninamivir octanoate (LANI) to placebo.

"It is disappointing that the rapid and significant onset of antiviral activity against the influenza virus that the two treatment arms demonstrated with LANI did not translate into a meaningful reduction in the time to alleviate patient-reported influenza symptoms," stated Russell Plumb, Biota’s president and chief executive.