Shares of BioCryst Pharmaceuticals (BCRX -36.94%) declined 32.9% from 10:38 a.m. ET Friday. The biggest drop came after the company announced it was suspending enrollment in three clinical trials testing the BCX9930 trial drug.
So what
BioCryst revealed in a media statement that patient enrollment in the Redeem-1, Redeem-2, and reconstruction studies was suspended while "investigating the high levels of serum creatinine seen in some patients." Too high Creatinine levels can indicate serious kidney damage.
We do not yet know how serious the problems might be. However, BioCryst said patients who have already registered for clinical trials will continue to receive BCX9930 for now.
Redeem-1 and Redeem-2 are phase 2 clinical trials examining BCX9930 in the treatment of rare paroxysmal nocturnal hemoglobinuria (PNH). Rehabilitation is a phase 2 study, experimental drug in the treatment of rare kidney diseases associated with 3 glomerulopathy, immunoglobulin A nephropathy, and membranous nephropathy.
Now what
While today’s sale of biotech stock is understandable, it may seem like an overreaction. It is possible that BioCryst will resume patient registration after completing its investigation. On the other hand, the condition can be even worse if three studies have to be placed clinically due to high serum creatinine levels.
BioCryst does not rely solely on BCX9930, however. Orladeyo's angioedema drug is already on the market in the U.S. and in several other countries. BioCryst expects the drug to generate sales of at least $ 250 million this year and reach an annual sales value of approximately $ 1 billion.
