Australian drug developer Paradigm Biopharmaceuticals dived 67 per cent on Friday after the company said a hay fever clinical trial had not met its goals.
Shares in the company dropped to a record intraday low after Paradigm said the phase 2a trial of Pentosan Polysulfate Sodium did not meet its primary endpoints of “total nasal symptom score and peak nasal respiratory flow”.
Shares had pulled back slightly from a low of A$0.23 in morning trade to be down 57.9 per cent at A$0.295 a share.
Paradigm Chief executive Paul Rennie said:
Whilst it is an unexpected outcome, it should be noted that Paradigm conducted the Phase 2a clinical trial to the highest possible quality standards and was professionally executed on budget and on time.
As part of the protocol, extensive clinical and laboratory data will provide valuable insights into the effects of PPS and guide our future directions.