Assembly Biosciences (NASDAQ:ASMB) news for Friday includes information from its third quarter of 2020 dropping ASMB stock. However, it’s not actually the results that are hurting the company, as it beat out estimates for the quarter. Instead, the issue has to do with clinical trial results included in the report.
The Assembly Biosciences news release provides an update on the company’s Hepatitis B (HBV) clinical trial. This trial was to determine the effectiveness of vebicorvir in treating the virus and keeping it from coming back.
Unfortunately for SMB stock and patients in the trial, vebicorvir was unable to stop relapse in the majority of patients. The company notes that 39 of the 41 patients that took part in the study have relapsed.
John McHutchison, AO, MD, president and CEO of Assembly Biosciences, said the following about the news.
“We continue to make progress to develop our pipeline of core inhibitor candidates for the treatment of patients with HBV. We have made great strides toward initiating the vebicorvir Phase 3 registrational program, as well as advancing ABI-H2158 and ABI-H3733, our more potent, next-generation core inhibitor compounds, in the clinic.”
Even with the negative news, Assembly Biosciences is moving forward with the development of the drug. It’s reached out to several regulators to start a Phase 3 trial of vebicorvir for its use as a chronic suppressive therapy for HBV.
ASMB stock was down 68.3% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.