BioCryst Pharmaceuticals (NASDAQ:BCRX) stock is falling on Thursday after revealing the end of development for BCX9930.
BCX9930 was in development alongside BCX10013 as a Factor D inhibitor. Patients in clinical trials benefitting from BCX9930 can continue treatment, although the company also intends to switch them over to BCX10013 down the line.
With the decision to discontinue the development of BCX9930, BioCryst Pharmaceuticals expects a positive near-term financial impact. The company already saw as much after it paused development earlier this year, decreasing its operating expense guidance by $100 million.
Why Discontinue BCX9930?
BioCryst Pharmaceuticals’ decision comes after a new meeting with the American Society of Hematology. Based on data presented at the meeting, BCX9930 is unlikely to be “commercially competitive.”
Jon Stonehouse, President and CEO of BioCryst Pharmaceuticals, said the following about the decision:
“With the new competitor efficacy data presented at ASH, and the limitations preventing us from optimizing the dosing of BCX9930 for increased efficacy, it is unlikely that BCX9930 could meet the new standard of care.”
BCRX stock is seeing strong trading today as investors react to the news. As of this writing, some 1.6 million shares have changed hands. That’s closing in on the daily average trading volume of 2.6 million shares.
BCRX stock is down close to 1% as of Thursday morning after experiencing a sharper fall when markets opened.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
