AnaptysBio to abandon eczema drug development after mid-stage trial failure (updated)

AnaptysBio

11/12/2024 15:14

(Updates shares in paragraph 1, adds details on disease and
background in paragraphs 4-6)
       Dec 11 (Reuters) - AnaptysBio  ANAB.O  will end the
development of its experimental drug to treat eczema as the
treatment failed to meet the goals of a mid-stage trial, the
company said on Wednesday, dragging its shares nearly 40% lower.
    In a 201-patient study, the drug did not meet the main goal
of a proportion of patients achieving an at least 75%
improvement of symptoms on an eczema severity index.
    The drug, known as ANB032, did not meet any of the secondary
goals either, including a reduction in itch severity versus a
placebo.
    Eczema, also known as atopic dermatitis, is a chronic skin
condition that causes inflammation, redness, and intense
itching.
    An estimated 16.5 million U.S. adults, or 7.3% of the
population, have eczema, according to the National Eczema
Association. 
    Eczema has multiple treatments available, including AbbVie's
 ABBV.N  Rinvoq, Pfizer's  PFE.N  Cibinqo, Eli Lilly's  LLY.N 
Ebglyss, Sanofi  SASY.PA  and Regeneron's  REGN.O  Dupixent as
well as some generic drugs such as cetirizine.
    AnaptysBio will focus on the rest of its autoimmune
portfolio, which includes drugs for rheumatoid arthritis and a
type of inflammatory bowel disease, CEO Daniel Faga said in a
statement.
    The company said it would have cash of around $415 million
at end-2024 and extended its cash runway outlook through
end-2027.

 (Reporting by Puyaan Singh in Bengaluru; Editing by Sriraj
Kalluvila and Devika Syamnath)
 ((Puyaan.Singh@thomsonreuters.com))