A drug experiment study for arthritis keen pain being jointly undertaken by Xenon Pharmaceuticals Inc (NASDAQ:XENE) and Teva Pharmaceutical Industries (NYSE:TEVA) failed to cross the middle stage of trial itself.
During the period of the drug trial, the drug TV-45070 was proved to be safe and tolerable, but was statistically found to be not viable in alleviating arthritis pain in comparison to placebo. Two doses of drug was given to a patient by way of dummy gel so as to test whether four weeks of treatment could effectively give relief to the patient-reported sores on the knee.
Unperturbed by the failure of the drug test, Xenon’s drug trial partner Teva remained upbeat saying that the drug could give a feasible option to neuropathic patients. Xenon, on its part, maintains that the Phase IIb trial in PHN being taken by Teva is witnessing a great progress. Xenon looks to the prospect of seeing favorable results from that trial in the middle of next year, added Xenon’s CEO Simon Pimstone.
In addition to this, Xenon will continue to setting sights on furthering partnered and proprietary pipeline plans. Besides, it seeks to leverage the success of Extreme Genetics Platform and capability in ion channel target discovery.
Amid the growing concerns of investors, Xenon stock dipped to touch 8.59 after having leaped to 23.50 in the early part of this year. The pharma stock went to the public last year November with an initial stocking price of 9. Whereas, Teva’s stock went up by approximately 3% and the acceleration is attributed to the launch of its generic version of Boehringer Ingelheim’s stopper Aggrenox.
Xenon that brought out a %36 million IPO in 2014 has entered into partnerships with Merck, Roche and uniQure. Each of Xeonon’s partners is the result of what Xenon addresses Extreme Genetics, an in-house development platform that concentrates on single-gene defect to set drug targets.
Teva’s drug TV-45070 acquired for $41 million in 2012 has shown a great promise in nerve pain and is extremely effective in nullifying the sodium channels identified in nerve endings.