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Kamada Falls by Record as Trial Fails on Goal: Tel Aviv Mover

Kamada Ltd. slumped the most on record in Tel Aviv as results of a clinical trial that may help boost sales in Europe failed to meet its primary goal.

The shares tumbled 36 percent to 30.12 shekels, or the equivalent of $8.71, at the close in Tel Aviv. The plunge tracked a 34 percent slide of its U.S.-traded shares to $9.08 on May 16.

A trial for Kamada’s inhalatory treatment for the Alpha-1 Antitrypsin Deficiency, which measured “time to first moderate or severe exacerbation,” failed to show differences between the group taking the therapy and the group taking a placebo, according to a Business Wire statement by the company. The company said it observed an approximate 50 percent reduction in severe exacerbation rates versus placebo, and continues to plan on filing for European approval by the fourth quarter.

“Kamada did not mention whether the results were statistically significant, something that is not common in this industry, to put it mildly,” said Ori Hershkovitz, a managing partner at Sphera Funds Management Ltd. in Tel Aviv. “Because very partial data was published, our initial estimate is of a 25 percent chance of approval in Europe with even lower chances in the U.S. based on the current results.”

Kamada said it will continue to analyze the data in “accordance with the statistical plan” and release expanded results in the third quarter. The shares were downgraded to market perform from outperform at Oppenheimer & Co.

Kamada and competitors such as Barcelona-based Grifols SA market intravenous treatments for Alpha-1 Antitrypsin deficiency, a disease that RBC Capital Markets says is still largely under served, with about 7,000 patients globally being treated out of as many as 200,000 with the illness. Kamada sells Glassia, its intravenous drug, in the U.S. with Baxter International Inc. It’s seeking to boost sales by securing approval for an inhalatory version of the drug.

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