Spring Bank Pharmaceuticals Inc (NASDAQ: SBPH) was one of the biggest losers in post-Christmas trading. The stock dropped by 66.76% to close the day at $1.20. This followed news that the company had stopped taking in patients for its phase 2b CATALYST trials. These trials were testing the use of inarigivir soproxil 400mg in treating chronic hepatitis B virus. On top of that, the company announced that, it had halted enrolment, and dosing, in all its other studies for inarigivir in people suffering from chronic Hepatitis B.
The company further stated that, the decision to discontinue the administration of inarigivir 400 mg in its phase 2b CATALYST trials was due to findings that it noted in the CATALYST 2 trials in virally-suppressed people suffering from chronic hepatitis.
The company further noted that, lab findings showed that three people who took part in the study revealed evidence of hepatocellular dysfunction, and an increase in alanine transaminase (ALT) that is consistent with liver injury. Nonetheless, it added that, it was investigating and also carrying out data analysis to gain deeper insights on the finding. This includes data on the possible reasons for the results. The company will also analyze safety data in up to 100 patients who got the inarigivir dosage.
Commenting on this development, the company CEO, Martin Driscoll, stated that, they stopped the dosage as a precautionary measure, based on lab data. He added that the company was disappointed with halting the phase 2 trial of inarigivir, but that patient safety was their top priority. The CEO also added that, they would work with members of the data safety monitoring board to review the information obtained from the trial.
Looking at its price action, Spring Bank Pharmaceuticals Inc (NASDAQ: SBPH) was in a selloff and at high volumes. The stock traded between a high of $2.60 and a low of $1.17 before closing the day at $1.20. Volumes in the day stood at $3.88.
About Spring Bank Pharmaceuticals Inc
Spring Bank Pharmaceuticals Inc is a biopharma company that develops treatments for viral infections. It is based in Hopkinton, Massachusetts.