Swedish Orphan Drops Most in 5 Months After Kiobrina Study FailsMakiko Kitamura
Swedish Orphan Biovitrum AB fell the most in five months after the company said a late-stage study of its experimental treatment for premature infants failed to meet its main goal.
Shares of Swedish Orphan fell as much as 19 percent, the biggest intraday decline since Oct. 28, and traded down 16 percent at 67.05 kroner as of 3:12 p.m. in Stockholm.
After four weeks of treatment, there was no difference in growth between those taking Kiobrina and those on placebo, the Stockholm-based company said in a statement today. The study, dubbed LAIF, included 410 infants born before 32 weeks of pregnancy and was conducted in Europe. The company won’t begin testing in the U.S., Chief Executive Officer Geoffrey McDonough said in a statement.
“We will assess the remaining dataset from LAIF, including the fatty acids profiles and the pending neurocognitive assessment,” McDonough said. “Today, the topline results do not support initiation of the U.S. trial.”