By Padmanabhan Ananthan and Sriparna Roy (Reuters) -Vertex Pharmaceuticals will stop developing its experimental non-opioid painkiller as a solo treatment after a mid-stage trial failure and will not start a study for expanded use of its approved pain drug, sending its shares down 14.4% after the bell. The company has been diversifying into gene therapies […]
Health
Vertex’s trial failure, scrapped study cloud pain drug push; shares slump
Audio By Carbonatix
By Padmanabhan Ananthan and Sriparna Roy
(Reuters) -Vertex Pharmaceuticals will stop developing its experimental non-opioid painkiller as a solo treatment after a mid-stage trial failure and will not start a study for expanded use of its approved pain drug, sending its shares down 14.4% after the bell.
The company has been diversifying into gene therapies and non-opioid painkillers as it looks to reduce its reliance on cystic fibrosis drugs, a market it dominates.
Unlike opioids, which trigger the brain’s reward centers, making them an addiction risk, Vertex’s drugs block pain signals at the origin, providing a lucrative opportunity for the company.
The next-generation non-opioid painkiller, called VX-993, reduced pain by 74.5 points over 48 hours, compared with 50.2 points in the placebo group, but the difference was not statistically significant, Vertex said.
The company tested acute pain reduction in patients who had bunionectomy, a surgery to correct deformed bones of the big toe and foot.
The drug was found to be generally safe, with most side effects being mild to moderate and no serious problems linked to the painkiller, the company said.
Wall Street analysts and investors have been keenly watching the results of the trial, as Vertex seeks to expand beyond Journavx, its non-opioid approved by the U.S. Food and Drug Administration in January for acute pain.
Separately, Vertex also said it would not start a study for Journavx to treat a type of nerve pain in the lower back and legs following discussion with the FDA.
Leerink Partners analyst David Risinger said Vertex’s pain portfolio updates were “disappointing,” despite reporting second-quarter results that were above expectations.
Vertex plans to prioritize testing of, and later seeking approval for, Journavx to treat a type of nerve pain in diabetic patients.
It will also seek to secure approval for other types of nerve pain, the company said in its earnings press release.
(Reporting by Sriparna Roy and Padmanabhan Ananthan in Bengaluru; Editing by Sriraj Kalluvila and Leroy Leo)