(Reuters) - Aquinox Pharmaceuticals Inc said on Wednesday it planned to stop developing its main drug to treat bladder pain syndrome as it failed to meet the main goal of a late-stage trial, pushing its shares down as much as 85 percent.
"We will be undertaking a thorough evaluation of our pipeline and other strategic options available to the company," Chief Executive Officer David Main said in a statement.
The treatment, rosiptor, failed to show statistically significant reduction in bladder pain, the company said.
Bladder pain syndrome, or interstitial cystitis, is a chronic condition characterized by bladder pressure, bladder pain and pelvic pain.
About 5.5 million adults in the United States suffer from symptoms consistent with bladder pain syndrome, the company said.
The company had about $93 million in cash on hand at the end of its first quarter.
Last month, Aquinox announced a licensing agreement with Astellas Pharma that gave the Tokyo-based drugmaker the right to research and commercialize rosiptor in Japan and other Asia-Pacific countries.
The deal provides Aquinox with an initial payment of $25 million and up to $130 million in development and commercial milestone payments. Approved treatments in the market for interstitial cystitis include Elmiron, marketed by Johnson & Johnson unit Janssen.
Shares of the company were down 84 percent in morning trade.
(Reporting by Manas Mishra and Sharnya G in Bengaluru; Editing by Shounak Dasgupta, Shailesh Kuber)
