US drug developer XenoPort (Nasdaq: XNPT) had a roller-coaster morning after it announced positive preliminary top-line results from its Phase II clinical trial of XP23829 as a potential treatment for moderate-to-severe chronic plaque-type psoriasis.
In pre-market trading, the stock gained 6.2% to $7.15, but by mid-morning it had plunged 23.4% to $5.16, on investor doubts that XP23829 is differentiated enough from existing psoriasis drugs, including Celgene’s (Nasdaq: CELG) Otezla (apremilast), which gained US regulatory approval a year ago (The Pharma Letter September 24, 2014), and a recent report that an increasing number of rheumatologists view Otezla as a first-line treatment option for psoriatic arthritis before popular anti-TNF treatments such as Humira (adalimumab) from AbbVie (NYSE: ABBV) and Remicade (infliximab) from Janssen, a subsidiary of Johnson & Johnson (NYSE: JNJ; TPL September 9, 2015).
Study details
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze