Biogen news about the company’s decision to discontinue two Phase 3 Alzheimer’s drug studies is hitting BIIB stock hard on Thursday.
Biogen (NASDAQ:BIIB) says that it will no longer be continuing with its Engage and Emerge studies. These studies were focusing on using aducanumab to treat patients that are suffering from mild cognitive impairment due to Alzheimer’s disease and mild Alzheimer’s disease dementia.
This bad bit of Biogen news comes at the recommendation of an independent data monitoring committee. This committee’s analysis of the studies finds that they are unlikely to meet their primary endpoints.
The Biogen news also means that the company is stopping a few other studies as well. This includes the Evolve Phase 2 safety study, as well as its Prime Phase1b study of aducanumab. The company is still deciding if it wants to move forward with its Phase 3 secondary prevention trial of aducanumab. It will make this decision after evaluating data from the Engage and Emerage studies.
“This disappointing news confirms the complexity of treating Alzheimer’s disease and the need to further advance knowledge in neuroscience,” Michel Vounatsos, CEO of the company, said in a Bigoen news release. “Driven by our steadfast commitment to patients and our strong business foundation, we will continue advancing our pipeline of potential therapies in Alzheimer’s disease and innovative medicines for patients suffering from diseases of high unmet need.”
BIIB stock was down 28% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
