logo-loader

Versartis shares take a dive after growth hormone deficiency treatment trial fails primary endpoint

Last updated: 07:45 22 Sep 2017 EDT, First published: 02:45 22 Sep 2017 EDT

A baby
The drug failed to demonstrate superiority to Genotropin, a drug from Pfizer Inc. in a study focusing on pediatric growth-hormone deficiency.

Biopharmaceutical company, Versartis Inc (NASDAQ:VSAR) saw its shares take a deep dive on Friday premarket after it revealed that its human growth hormone drug failed to meet its primary endpoint in a Phase III non-inferiority trial.

In a statement, the company said somavaratan, which seeks to treat growth-hormone deficiency, failed to demonstrate superiority to Genotropin, a drug from Pfizer Inc. (NYSE:PFE) in a study focusing on pediatric growth-hormone deficiency.

Corporate update later this year

"We are very surprised and disappointed to learn the outcome ..," chief executive Jay Shepard said in Thursday's announcement.

"Somavaratan showed height velocity in the range we had hoped, but it was not sufficient to demonstrate non-inferiority in this trial," Shepard said, adding, "we have done an initial analysis of the top-line data and are continuing to thoroughly review the results to gain greater insight into the trial outcome."

He said the company will be issuing a corporate update later this year.

In premarket, its shares plunged 84.95% at US$3.25.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 18 minutes ago