Coronado Biosciences Inc. (CNDO) plummeted as much as 70 percent after its lead product candidate for the inflammatory bowel condition known as Crohn’s disease failed to meet the goals of a study.
Coronado plunged 65 percent to $2.01 at 9:50 a.m. New York time, after declining to $1.73 in the biggest intraday drop since the shares began trading in November 2011. The stock gained 28 this year through Oct. 11.
The mid-stage trial found Burlington, Massachusetts-based Coronado’s drug TSO, or trichuris suis ova, failed to improve patient response or send Crohn’s into remission any better than placebo, the company said in a statement today. TSO was safe and well tolerated and patients taking the drug and the placebo reported abdominal pain as the most-common adverse event. The trial evaluated 125 patients on TSO and 125 who took a placebo.
Coronado will further analyze data from the study and is awaiting data from another trial “to identify the most appropriate development path for TSO,” Chairman and Chief Executive Office Harlan Weisman said in the statement.
The results from the second study conducted by Dr. Falk Pharma GmbH, Coronado’s development partner, are expected in the fourth quarter, Coronado said.
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