Pharnext's share price fell sharply on the Paris Bourse on Monday, after the biopharmaceutical company unveiled the results of its Phase III clinical trial for Charcot's disease, which investors found unconvincing.

At around 10:00 a.m., the share price was down more than 60%, after having tumbled 82% in early trading, posting by far the biggest decline on the Paris market.

The company announced this morning that the initial results of its pivotal study on PXT30031 failed to confirm previous findings in terms of measuring functional motor disability.

Whether on treatment or placebo, patients with mild-to-moderate CMT1A all showed signs of improvement in the trial.

"This unexpected improvement in the placebo group makes it difficult to interpret the results based on this endpoint", explains the company in a press release.

For Hugo Brugière, Pharnext's Managing Director, these results are not exactly what the company had expected, although they do offer some hope.

The trial data suggest that there was no deterioration in the condition of patients undergoing treatment, a positive sign in the context of a degenerative disease such as CMT1A.

This suggests that PXT3003 could stabilize patients' condition, an important consideration for a disease where progression is generally inevitable.

The group explains that it plans to continue analyzing the data, particularly in collaboration with potential partners for the licensing or acquisition of PXT3003, with a view to determining the next steps with a view to eventual marketing authorization.

It points out that further results are to come, as part of a Phase III trial currently being conducted in China by its partner Tasly, which acquired the licensing rights for PXT3003 in China in 2017.

Copyright (c) 2023 CercleFinance.com. All rights reserved.