SVRA stock is taking a big hit in Thursday’s session after Savara Inc (NASDAQ:SVRA) said that Molgradex failed to meet the primary endpoint in a phase 3 study.
Savara has had a setback in its lead product candidate Molgradex. The company announced that in the latest Phase 3 study into the product, Molgradex failed to hit the desired targets.
The product is meant for the treatment of Autoimmune Alveolar Pulmonary Proteinosis (APAP); however, it did not meet the endpoint targets that had been set, and this is, naturally, a major setback for Savara and SVRA stock.
However, the saving grace was that secondary endpoint targets were actually met and the company has stated that it is now considering its next steps. The lead investigator into the Phase 3 study has stated that it is an encouraging sign that the secondary endpoint targets were met. M. D Bruce Trapnell, who is a Professor of Pediatrics and Medicine at the University of Cincinnati School of Medicine, was the lead investigator for the study, and his words are definitely encouraging for the company.
He stated that he believes that the secondary endpoint data signifies that Molgradex could go on to become an important medicine for people suffering from APAP.
SVRA stock is experiencing the worst-ever one day fall, now down 75% at $2.64. The company has lost about $297 million of the total market capitalization. Moreover, Savara’s stock made an all-time low of $2.55.
The Chief Executive Officer of Savara, Rob Neville, released a statement following the setback and said, “We are preparing to meet with the FDA and EMA to discuss the results from this study and to determine our options to seek approval based on the current data, and potentially conduct an additional study incorporating the learnings.”
Following today’s slump, SVRA stock is down over 72% from its 52-week high of $14.06.
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