AnaptysBio to abandon eczema drug development after mid-stage trial failure
Updates shares in paragraph 1, adds details on disease and background in paragraphs 4-6
Dec 11 (Reuters) -AnaptysBio ANAB.O will end the development of its experimental drug to treat eczema as the treatment failed to meet the goals of a mid-stage trial, the company said on Wednesday, dragging its shares nearly 40% lower.
In a 201-patient study, the drug did not meet the main goal of a proportion of patients achieving an at least 75% improvement of symptoms on an eczema severity index.
The drug, known as ANB032, did not meet any of the secondary goals either, including a reduction in itch severity versus a placebo.
Eczema, also known as atopic dermatitis, is a chronic skin condition that causes inflammation, redness, and intense itching.
An estimated 16.5 million U.S. adults, or 7.3% of the population, have eczema, according to the National Eczema Association.
Eczema has multiple treatments available, including AbbVie's ABBV.N Rinvoq, Pfizer's PFE.N Cibinqo, Eli Lilly's LLY.N Ebglyss, Sanofi SASY.PA and Regeneron's REGN.O Dupixent as well as some generic drugs such as cetirizine.
AnaptysBio will focus on the rest of its autoimmune portfolio, which includes drugs for rheumatoid arthritis and a type of inflammatory bowel disease, CEO Daniel Faga said in a statement.
The company said it would have cash of around $415 million at end-2024 and extended its cash runway outlook through end-2027.
Reporting by Puyaan Singh in Bengaluru; Editing by Sriraj Kalluvila and Devika Syamnath
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