Suven Life Sciences slumped 20 per cent to Rs 253 on the BSE on Monday after its key molecule SUVN-502 (Masupirdine), meant for treatment of Alzheimer, missed its pre-specified primary endpoint in proof of concept (PoC) phase two study.
At 9:54, the stock had pared some losses and was trading 14 per cent lower at Rs 271 as compared to 0.36 per cent gain in the benchmark S&P BSE Sensex. Over 3 million shares of Suven Life Sciences had changed hands on the NSE and BSE so far.
As part of the study, Suven tested the drug as a unique triple combination with Aricept (donepezil) and Namenda (memantine) on 564 Alzheimer patients in the US for at least one year. The trial compared the efficacy and safety of two doses of Masupirdine (50 mg and 100 mg per day) to placebo in moderate AD patients.
"Triple therapy of Masupirdine (SUVN-502) with Donepezil and Memantine proof of concept phase 2 study missed its pre-specified primary endpoint," the company said in a filing to the exchanges.
Suven's CEO Venkay said, "We are very disappointed with the outcome of this trial but the findings present an important step forward in further exploration of the potential therapeutic effects of Masupirdine (SUVN-502) in Alzheimer's Disease (AD) and Behavioral & Psychological."
"We will work with regulators and potential partnering companies in the design and conduct of future studies for further exploration of the potential of Masupirdine (SUVN-502)," he said.