AVI BioPharma (AVII) Slammed Following Eteplirsen Update; Shorter Duration Shows No Significant Dystrophin Increase
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AVI BioPharma (Nasdaq: AVII) shares are getting slammed Monday following an update for its proposed Duchenne muscular dystrophy (DMD) treatment, eteplirsen. AVI said eteplirsen met the primary efficacy endpoint following Phase IIb trial.
However, in the release the following was noted: "In the study, a shorter duration of eteplirsen treatment, 12 weeks, did not show a significant increase in novel dystrophin (0.79% dystrophin-positive fibers as a percentage of normal; p-value NS), despite administration of the drug at a higher dose (50mg/kg once weekly). This finding suggests that a longer duration of dosing is required before meaningful levels of dystrophin are produced. There were no significant improvements in clinical outcomes in the treated groups compared to placebo."
Shares are off 30 percent early into the trading session.
However, in the release the following was noted: "In the study, a shorter duration of eteplirsen treatment, 12 weeks, did not show a significant increase in novel dystrophin (0.79% dystrophin-positive fibers as a percentage of normal; p-value NS), despite administration of the drug at a higher dose (50mg/kg once weekly). This finding suggests that a longer duration of dosing is required before meaningful levels of dystrophin are produced. There were no significant improvements in clinical outcomes in the treated groups compared to placebo."
Shares are off 30 percent early into the trading session.
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