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Oxford BioMedica (LSE:OXB) shares dropped 30.53% today to 3.30 per share, a 52 week low, on a volume of 15,141,626 shares following publishing of test results for its new drug ProSavin.
Test Results
While previous clinical trials of ProSavin, the company’s anti-Parkinsons treatment, had indicated the potential for significant improvement in patients receiving higher doses of the drug, 6 months of additional testing failed to produce the anticipated results. Rather, there was very little difference between patients receiving the higher dosage than those receiving the low dose administration.
Analyst Shawn Manning said:
“Sadly, at six months the higher (5x) ProSavin dose failed to demonstrate a higher mean improvement (measured by Unified Parkinson’s Disease Rating Scale) versus lower dose”
Company Plans
Although the test results seem somewhat disappointing to investors, as evidenced by the PPS decline, the company plans to continue testing an improved version of the drug at even higher dosage levels. John Dawson, CEO, said:
“We believe that (the) data set supports exploration of a higher dose as part of a Phase II programme to ensure the greatest chance of success in randomised studies.” Oxford now expects the introduction of ProSavin to be delayed from its originally proposed launch in 2017 until 2019.
Company Spotlight
Oxford BioMedica is a biopharmaceutical company focused on the development of gene-based medicines. The company has a broad pipeline of gene-based product in development for the treatment of age-related or inherited neurodegenerative and ocular diseases as well as vaccines to treat various forms of cancer. The company was founded in 1995 by Professors Alan and Susan Kingsman from the University of Oxford’s Department of Biochemistry. The Company listed on the AIM in December 1996 and moved to the Main Market of the London Stock Exchange in April 2001.
References
↑ Company website
