Antibe Therapeutics (CVE:ATE) crumbled 80 percent after the Canadian pharmaceutical company said it has suspended development of its lead drug, ATB-346, due to safety concerns encountered in its Phase I clinical trial.
Shares were down C$0.075 at 10 a.m. in Toronto, leaving the company with a market value of C$3.3 million.
Safety concerns centered on the finding of significant liver enzyme elevations in one subject in the highest dose cohort and additional liver enzyme elevations were observed in other subjects in the higher dose cohorts, the Toronto-based company said in a statement today.
Antibe said it is concerned that, when assessed together, these liver enzyme elevations are indicative of potential hepatotoxicity.
ATB-346 targets the need for a safer non-steroidal anti-inflammatory drug (NSAID) for chronic pain and inflammation.
“Our primary concern is with the health of the subjects,” Dan Legault, Antibe’s chief executive officer, said in the statement.
“We are very disappointed by these unexpected findings and will fully assess our options moving forward.”
Pre-clinical studies on ATB-346 provided no indication of potential hepatotoxicity, the company said.
Antibe said it continues to collect and assess data and will report back to the scientific community and the market with further details on its data review and corporate strategy as appropriate.
ATB-352, the second drug in Antibe’s pipeline, targets the need for a safer analgesic for severe acute pain.