16:43 Human Genome Sciences' Albuferon fails to impress investors despite meeting endpoint in Phase III trial - report
Story Human Genome Sciences' (Nasdaq: HGSI) Albuferon failed to impress investors even after meeting its primary endpoint in a Phase III hepatitis C trial, according to a report in the Washington Business Journal.
Shares took a 55% dive to hit an all-time low, the report stated.
Citing results from the second of two Phase III trials, the report noted that 48% of patients on Albuferon experienced a successful response to treatment compared to 51% on Roche's Pegasys.
It quoted Barry Labinger, executive vice president and chief commercial officer, who told analysts in a conference call that Albuferon's biweekly dosing schedule would offer a "very big benefit."
But it also stated that Albuferon was not able to best Pegasys on quality of life measures and also had a much higher discontinuation rate (10% to Pegasys' 4%.) Side effects, however, were comparable in both groups, the report noted.
The company has USD 400m in debt coming due in 2011 and 2012; at the end of last year, it had USD 373m in cash and equivalents, according to the item.
The report valued the hepatitis C market at USD 2.5bn.
Source Washington Business Journal
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