Rigel skids after asthma drug fails in study

NEW YORK (AP) — Shares of Rigel Pharmaceuticals tumbled Monday after the company reported a potential asthma treatment failed to meet any of its goals in a mid-stage clinical trial.

Rigel said the clinical trial was designed to compare the effect of its treatment R343 to that of a placebo on patients’ lungs. Based on the results Rigel does not plan to continue studying the drug as a treatment for asthma.

Shares of the South San Francisco, Calif., company lost 40 cents, or 11 percent, to $3.23 in morning trading. Earlier they fell to an all-time low of $3. Shares of Rigel are down about 70 percent since their 52-week high of $10.95 last September.

Rigel Pharmaceuticals Inc. does not have any approved drugs.

Its most advanced product is fostamatinib, a potential treatment for rheumatoid arthritis. In December Rigel and its partner AstraZeneca reported mixed results from a mid-stage trial of the drug, and in April they reported similar results from late-stage studies. In June British drugmaker AstraZeneca PLC ended a partnership with Rigel, deciding it would not try to get marketing approval for fostamatinib.

Rigel is also studying a lupus treatment called R333 and a drug called R348 as a treatment for dry eye.

KSN.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language, racial slurs or consistent name calling will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

blog comments powered by Disqus