BridgeBio Pharma Inc (NASDAQ:BBIO) is trading significantly lower Monday morning after the company announced that its Phase 3 trial to treat symptomatic transthyretin amyloid cardiomyopathy did not achieve its primary endpoint.
The ATTRibute-CM independent data monitoring committee recommends continuing the study based on unblinded data reviews.
The trial’s steering committee co-chairs and BridgeBio Pharma agree that there is still potential to demonstrate benefit on the 30 month endpoint, which includes all-cause mortality and cardiovascular hospitalizations.
"The results do not appear to be due to a baseline imbalance. The hypotheses we are currently evaluating include context bias, training bias, and an evolution in diagnosis and standard of care. The drug does appear to be pharmacologically active and well-tolerated, and we observed improvement on quality of life with promising trends on adverse events leading to death," said Neil Kumar, founder and CEO of BridgeBio Pharma.
BridgeBio Pharma is involved in identifying advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene and cancers with clear genetic drivers.
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BBIO Price Action: BridgeBio Pharma has traded as high as $73.50 and as low as $35.56 over a 52-week period.
The stock was down 70.89% at $11.85 at time of publication.
Photo: DarkoStojanovic from Pixabay.
