RedHill Biopharma: Reverses from premarket over bowel drug data concerns
30/07/2018 18:46
(Updates)
** U.S.-listed shares of Israel-based drugmaker RDHL.O
reverse from premarket, now down 9.9 pct to $8.49 after rising
more than 30 pct before the opening bell
** Co posts late-stage data from trial testing an
experimental drug in patients with bowel disorder Crohn's
disease that raises investor concerns over efficacy
** Study shows that at 52 weeks, 27 pct of patients showed
significant benefit in remission or the symptoms of the disease
lessening, vs 20 pct for placebo
** There are concerns that remission data individually was
not significant at 52 weeks, says Ascendiant Capital Markets
analyst Edward Woo
** The late-stage study of the drug called RHB-104 met its
main goal of showing a superior remission rate at week 26; 44
pct of patients achieved remission, compared with 31 pct on
placebo urn:newsml:reuters.com:*:nGNXbQJ1kQ
** Woo says he believes people are overlooking positive data
from weeks 16-52, adds that there may have been expectations for
better data seeing that stock has nearly doubled in three months
** Including session losses, stock has risen about 64 pct
this year
(Reporting by Shreyashi Sanyal and Manas Mishra in Bengaluru)
((RM: Shreyashi.Sanyal.thomsonreuters.com@reuters.net))