Nabi plunges as NicVAX flops in Ph III trial
US drug developer Nabi Biopharmaceuticals (Nasdaq: NABI) saw its shares nose-dive 70% to $1.76 in early trading yesterday, after the company revealed that its smoking cessation treatment NicVAX (nicotine conjugate immunotherapeutic) did not meet its primary endpoint in the company's first of two confirmatory Phase III clinical trials.
NicVax is the subject of a 2009 licensing accord with UK pharma giant GlaxoSmithKline (LSE: GSK), which paid an upfront $40 million for a worldwide option on the product and could have earned the US firm a potential of more than $500 million (The Pharma Letter November 17, 2009).
A preliminary assessment of the trial data showed that subjects treated with NicVAX quit smoking at a similar rate of around 11% compared to those who received placebo. As in previous trials, NicVAX was well-tolerated with a clinically acceptable safety and tolerability profile.
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