PainReform's (PRFX) shares tumbled nearly 27% Wednesday after the specialty pharmaceuticals company blamed an "incoherence of data" for unclear results in the latter portion of a phase 3 trial evaluating its PRF-110 drug candidate as a non-opioid alternative treatment for post-surgical pain.

Topline data from the late-stage study obtained by Lotus Clinical Research, a contract research organization hired by PainReform, indicates the company's extended-release formulation of a widely used local anesthetic showed statistically significant superiority in reducing pain during the first 48 hours following bunionectomy procedures, compared with patients treated with a placebo, the company said.

But data from the subsequent 24-hour period, essential for evaluating the primary endpoint of the trial, was unclear. PainReform said it is working with Lotus to complete the analysis of that portion of the data, adding, "At present, there can be no assurance that the effort to resolve the incoherence will be successful."

Price: 1.02, Change: -0.38, Percent Change: -26.93