By Sabela Ojea
Cocrystal Pharma shares dropped after the company said it planned to extend a study of an oral treatment for influenza because of an unexpectedly low rate of infection in participants challenged with a strain of the virus.
The Bothell, Wash., biotechnology company's shares were down 25% at $2.43 in premarket trading Tuesday. The stock was up about 89% from the start of the year, as of Monday's market close.
Cocrystal said it would extend enrollment in the Phase 2a human challenge study of the CDI-42344 drug candidate for pandemic avian and seasonal influenza A infections because the low rate of infection hindered data analysis.
"The establishment of robust influenza infection in healthy, uninfected study subjects is critical to determine clinical endpoints for evaluating antiviral molecules," Co-Chief Executive Sam Lee said.
Lee added that the company remained optimistic about the treatment's prospects, and was encouraged by its favorable safety and tolerability profile so far.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 31, 2024 09:01 ET (14:01 GMT)
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