AnaptysBio Inc ANAB shares were taking a huge hit after the company announced a clinical pipeline update along with its third-quarter report.
Setback To ATLAS Study
AnaptysBio, a clinical-stage biotech developing antibody product candidates, said its Phase 2b study dubbed ATLAS did not meet the primary endpoint. The trial evaluated its lead investigational asset etokimab, codenamed ANB020, in moderate-to-severe atopic dermatitis.
The ATLAS study is a randomized, double-blinded, placebo-controlled, multidose study in about 300 adult patients.
The primary endpoint of the study is demonstration of statistically greater improvement in the Eczema Area and Severity Index relative to placebo at week four.
Asthma Study Initiation Postponed
Given the setback, the company said it has decided to postpone the initiation of a planned Phase 2b trial of etokimab in eosinophilic asthma until the full dataset from the ATLAS trial is analyzed.
The company previously planned to initiate the trial in the fourth quarter of 2019.
AnaptysBio is also evaluating the compound in a Phase 2 trial of about 100 adult patients with chronic rhinosinusitis with nasal polyps in a study dubbed ECLIPSE. The company expects to release top-line data from the trial in the first quarter of 2020.
Cash Through 2021
For the third quarter, the company reported a wider loss of $1.15 per share compared to a loss of 66 cents per share in the year-ago period. The loss per share was in line with expectations.
Looking ahead, the company said its cash, cash equivalents and investments to fund its operations will last at least until 2021.
That said, Anaptys said it plans to re-evaluate its current operating plan in light of the ATLAS trial setback and make adjustments as appropriate to manage its available cash resources.
Anaptys shares were plunging 69.28% to $11.11 at the time of publication Friday.
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