ChemoCentryx: Slumps on FDA panel's mixed opinion on approval for co's lead drug

Churchill Capital XI

07/05/2021 13:17

** Drug developer's shares  CCXI.O  fall 46% to $14.79
premarket
    ** Co reports decision of U.S. FDA advisory committee on its
drug to treat ANCA vasculitis, a rare genetic disorder that
causes blood vessel walls to thicken
    ** Panel voted 10-8 that the drug's safety profile was
adequate for approval and that its benefits outweigh risks
    ** But experts' vote was split 9-9 on whether the efficacy
data was adequate for approval
    ** Shares plunged as much as 60% on May 4 after U.S. FDA
staff reviewing data on the drug said they have identified
concerns related to its late-stage trial
    ** U.S. FDA typically follows the advice of its experts, but
is not bound to do so; FDA will make a decision on approval
following completion of its review process
    ** Stock down ~56% this year, as of last close

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))