Amicus Shares Fall on Drug Failure in Fabry Disease Study
Stock Chart for Amicus Therapeutics Inc (FOLD)
Amicus Therapeutics Inc. (FOLD) shares fell the most ever after the company said its experimental treatment for Fabry disease failed in a clinical trial.
Amicus dropped 47 percent to $3.06 at 4 p.m. New York time, the biggest one-day drop since it began trading in 2007. Amicus, based in Cranbury, New Jersey, is developing the treatment with London-based drugmaker GlaxoSmithKline Plc. (GSK) The shares have fallen 11 percent this year.
Fabry disease is a rare genetic disorder in which patients can’t break down fats that accumulate in the body’s organs. A six-month result from the 67-patient trial showed that the experimental drug didn’t perform better than a placebo, Amicus and Glaxo said today in a statement. The study, in the third and final stage of testing typically required for regulatory approval, will continue for a full year, the companies said.
No serious adverse events were reported in the clinical trial, the companies said.
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