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More R&D Disappointments Follow Biogen's Alzheimer's Trial Results
Jul. 24, 2015 03:45PM PST
Biotech Investing
It has been a disappointing week for Biogen (NASDAQ:BIIB), as the company announced more bad news for R&D, hours after its underwhelming second quarter report was released. According to an article from Fierce Biotech: The company said it was scrapping one of its longterm (and low-profile) programs, neublastin, after seeing a failure in Phase II for sciatica. …
It has been a disappointing week for Biogen (NASDAQ:BIIB), as the company announced more bad news for R&D, hours after its underwhelming second quarter report was released.
According to an article from Fierce Biotech:
The company said it was scrapping one of its longterm (and low-profile) programs, neublastin, after seeing a failure in Phase II for sciatica. There was a flop for Tysabri in a Phase II acute ischemic stroke study, though the company isn’t giving up on the work in the area. And Biogen laid out its design for a Phase III study of its lead Alzheimer’s hope after suffering a setback earlier in the week for one its key mid-range doses in an early study.
Biogen’s shares plunged 17% as the bitter news sank in and executives–lauded over recent years for one of the big turnarounds in biotech–put a confident face on piloting their way out of the sudden turbulence.