Aquinox Pharmaceuticals (NASDAQ:AQXP) announced that the Phase 3 LEADERSHIP 301 clinical trial, evaluating once-daily, oral rosiptor (AQX-1125) for the treatment of interstitial cystitis/bladder pain syndrome, failed to meet its primary endpoint.
Shares of Aquinox plunged $12.97 to close at $2.34 in heavier than normal trading on June 27.
“This is a disappointing result for Aquinox and for patients,” said David Main, president and CEO of Aquinox.
“LEADERSHIP 301 was a robust and well-conducted trial, and we believe the results are definitive,” he added. “We have conducted a number of sensitivity, subpopulation, and secondary endpoint analyses and none demonstrate a benefit of rosiptor over placebo.
Mr. Main said the results support halting all further development activities with rosiptor. “We will be undertaking a thorough evaluation of our pipeline and other strategic options available to the company and will be in a position to provide further guidance later this year.”
