VBL Therapeutics shares slide as it ends VB-201 development in two indications
Shares in Israeli drugmaker VBL Therapeutics (Nasdaq: VBLT) dropped up to 55% after it said that it would discontinue developing VB-201 for psoriasis and ulcerative colitis.
The Phase II trials evaluating lead Lecinoxoid compound VB-201 in patients with psoriasis and ulcerative colitis did not meet their primary endpoints, and the company does not plan to continue developing the compound in these indications.
Dror Harats, chief executive officer of VBL, said: "We are disappointed by the outcome of these Phase II studies in psoriasis and ulcerative colitis. Immune-inflammatory conditions are difficult-to-treat diseases with a limited array of effective treatments. We were honored to work with an excellent team of clinical investigators and would like to thank the patients who participated in the clinical studies for these drug candidates."
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