Diamyd Medical AB (STO: DIAM B) is crashing this morning after results from a Phase II study with NP2 Enkephalin did not help patients suffering from severe intractable cancer pain. The study was small randomized and placebo controlled and conducted in the United States. It was the first placebo controlled trial with Diamyd Medical’s Nerve Targeting Drug Delivery System (NTDDS). The company said that while disappointed no pain relief was observed, the good safety profile of the drug is encouraging for future development of company’s assets derived from the platform.
Nordic Biotech investors were already shaken from other high profile failures and investors did not see any relief either, with the stock down by 35% so far in early trading.. The other platform assets are in preclinical development for other pain indications while the company also has development project in diabetes with protein GAD65 and holdings in Protein Sciences Corporation (USA) and Mercodia AB (Sweden). This trading event was very well on investors’ radar as recruitment was completed in May and company said then that results were expected within 5-7 weeks. The stock had made an over 10% gain in the last month.
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