By Saabira Chaudhuri
Anacor Pharmaceuticals Inc.'s (ANAC) shares tumbled early
Tuesday despite what the biopharmaceutical company characterized as
positive preliminary late-stage results for a study of its
nail-fungus infection drug.
Shares--which surged shortly after the results were
released--recently dropped 37% in premarket trading to $3.31 on
what Wedbush analyst Gregory R. Wade said likely was a comparison
with rival Valeant Pharmaceuticals International Inc.'s (VRX)
competing product, efinaconazole.
A representative from Anacor wasn't immediately available to
comment on the share declines.
Anacor's late-stage study showed that 6.5% of patients treated
with its drug, tavaborole, met the primary endpoint of "complete
cure." This compares with Valeant's two studies, which had the same
primary endpoint and showed that 17.8% and 15.2% of subjects were
completely cured.
Anacor's results mark the first of two Phase 3 trials of
tavaborole; data from the second trial are expected in March.
Among the secondary endpoints, 26.1% of patients treated with
tavaborole achieved a "completely clear" or "almost clear" nail,
versus 9.3% in the vehicle-treated at week 52.
"We are pleased that tavaborole met all of the parameters
outlined in our Special Protocol Assessment with the FDA with a
high degree of statistical significance in this first Phase 3
trial," Anacor Chief Executive David Perry said in a statement.
"With its high rates of 'completely clear' or 'almost clear' nails,
high negative culture rates, demonstrated safety and ease of use,
we believe tavaborole could offer significant advantages over
currently approved treatments for onychomycosis."
Valeant published results in November from its two late-stage
studies to treat onychomycosis, a common nail infection caused
predominantly by dermatophyte fungi, resulting in nail destruction
and deformity.
Valeant's shares closed Monday at $65.55 and were inactive
premarket.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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