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Failed Trial Sends Novovax Shares Spiraling Down 85%

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Failed Trial Sends Novovax Shares Spiraling Down 85%

Shares of Novavax, Inc. (NASDAQ: NVAX) plummeted more than 85 percent in Thursday’s after-hours session, after reporting disappointing results from two Phase 3 vaccine trials that had previously done well in the Phase 2 trial.

According to the company, data from the Resolve Phase 3 trial for its vaccine for a potentially deadly respiratory virus didn't meet the efficacy objectives it had set.

Sadly, a few more patients using Novavax’s RSV F-protein recombinant nanoparticle vaccine candidate (RSV F Vaccine) displayed symptoms related to respiratory syncytial virus than those on the placebo. This is particularly bad news for those suffering from the respiratory syncytial virus, as there are no approved vaccines to this condition, which kills roughly 14,000 American of 65 years old or more every year.

Related Link: Importance Of Phase III Trials

"We are both surprised and disappointed by the outcome of the Resolve trial, which we recently unblinded. Our initial analyses and review of the key aspects of the trial do not indicate issues with trial execution, data collection, data integrity, or drug product quality. We expect to have preliminary immunogenicity data in the coming weeks to further our understanding of the trial results," Gregory Glenn M.D., President of Research and Development, said.

Shares traded recently at $1.24 after closing at $8.34.

Posted-In: Biotech News Health Care After-Hours Center Movers General Best of Benzinga

 

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