Dallas, Texas 07/28/2015 (Financialstrend) – Bellerophon Therapeutics Inc (NASDAQ:BLPH) stock plunged by more than 50% after the clinical stage Biotherapeutics company reported unexpected results for its implantable heart device that was under trial. Apparently, the device failed to prevent heart failure in patients in a large study, news that did not go well with the Street.
Clinical Trial Results
The dismal clinical results essentially thwart any chances if the device, Bioabsorbable Cardiac Matrix receiving any approval from the FDA. Bellerophon Therapeutics Inc (NASDAQ:BLPH) carried the study on 303 patients on 61 clinical sites distributed across Australia, Europe, Israel and North America. The device reportedly showed no significant treatment differences compared to patients who were under a placebo treatment for both primary and secondary endpoints.
Safety data analyzed showed no significant difference in adverse event rates for patients under placebo treatment or BCM. Disappointed by the results, Bellerophon Therapeutics Inc (NASDAQ:BLPH) CEO, Jonathan Peacock reaffirmed commitment to continue analyzing the data with a view of trying to improve the development of BCM.
The company having been disappointment with the results also reaffirmed commitment to continue developing its pulmonary hypertension pipeline that leverages years of experience with Nitric Oxide. Therapy. There are already plans in place to initiate two Phase 3 trials for INOpulse, used for the treatment of pulmonary arterial hypertension.
Class Action Lawsuit
Bellerophon Therapeutics Inc (NASDAQ:BLPH) has $50 million in cash which it believes is more than enough to cater for Phase 3 trial with the first patient expected to be enrolled by the end of the year. The company is also investigating whether INOpulse could be used for the treatment of pulmonary hypertension in patients with Pulmonary Fibrosis.
Law firms are already on the neck of Bellerophon Therapeutics Inc (NASDAQ:BLPH), on the failure of its implantable heart device to prevent heart failure in patients in a large study. Class Action lawsuits are already in the pipeline on concerns that the management team might have provided misleading information that led shareholders losing a substantial amount of money from their investment in the stock.