R343 whiffs in asthma, and development of the molecule is being stopped. New all time lows for the stock, and flirting with firesale status, while sporting an EV of less than $50 million now.
>>SOUTH SAN FRANCISCO, Calif., Aug. 26, 2013 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. ( RIGL) today announced that R343, an inhaled SYK inhibitor being evaluated as a potential therapeutic for patients with allergic asthma, did not meet the primary or secondary endpoints in a recently completed Phase 2 clinical study. The primary endpoint was the change in pre-bronchodilator FEV1 (a measure of lung function) from baseline to dosing completion at Week 8, comparing active doses to placebo. R343 was shown to be relatively safe and well tolerated at both doses. In light of these overall findings, the company has decided not to pursue this indication with R343. "This was not the result we expected based on the collection of data we had previously seen with R343 in this therapeutic area," said James M. Gower, chairman and chief executive officer of Rigel. "Fortunately, we have a robust portfolio of clinical and preclinical research programs to focus on that includes Fostamatinib, R333 for discoid lupus erythematosus and R348 for dry eye. We will be reviewing our portfolio and will discuss these plans in the near-term," he added.<<
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R333 and R348 hit both JAK and SYK, for what that's worth.
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