Oxurion plans bankruptcy filing as phase 2 eye disease failure evaporates remaining optimism

20 Nov 2023
www.fiercebiotech.com
Phase 2Clinical ResultFinancial StatementClinical Trial Failure
Oxurion plans bankruptcy filing as phase 2 eye disease failure evaporates remaining optimism
Preview
Source: FierceBiotech
Oxurion has decided to “take the necessary steps to file for bankruptcy.”
Oxurion’s vision was just a mirage. The last program standing in what was once a three-front attack on eye diseases failed Monday, prompting the Belgian biotech to start preparing to file for bankruptcy.
The final domino to fall is THR-149, a plasma kallikrein inhibitorplasma kallikrein inhibitor that Oxurion identified as a potential treatment for patients with diabetic macular edema (DME) who respond suboptimally to anti-VEGF therapy. To put that idea to the test, Oxurion randomized 112 DME patients to receive either THR-149 or Bayer and Regeneron's anti-VEGF drug Eylea in the phase 2 trial.
THR-149 failed to improve vision as much as Eylea after three months. On a standard eye test, the mean change from baseline in the THR-149 cohort was -0.2 letters, compared to +3.5 letters in the Eylea arm.
The failure looks set to be the last major act in the story of Oxurion. The biotech’s R&D pipeline and cash reserves have thinned in recent years, with the failure of two other DME candidates, anti-PlGF antibody THR-317 and pan RGD integrin antagonist THR-687, being accompanied by the decline of its bank balance. Oxurion ended (PDF) June with 2.2 million euros ($2.4 million) in cash and equivalents.
With its bank account almost as barren as its pipeline, Oxurion has decided to “take the necessary steps to file for bankruptcy.” The biotech has yet to disclose a timeline for winding down its business, the roots of which go back more than 30 years to the foundation of ThromboGenics.
ThromboGenics worked on treatments for cardiovascular conditions, eye diseases and cancer. Novartis picked up rights to one of its candidates in 2012. The eye disease drug came to market as Jetrea the next year but underwhelmed commercially, leading Novartis to scrap the alliance in 2017. ThromboGenics changed its name to Oxurion the following year.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
Drugs
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.