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Investing.com -- Contineum Therapeutics Inc. (NASDAQ:CTNM) stock fell 26% after the company announced its experimental multiple sclerosis drug failed to meet primary and secondary efficacy endpoints in a Phase 2 clinical trial.
The San Diego-based biopharmaceutical company reported that PIPE-307, an M1 receptor antagonist being developed for relapsing-remitting multiple sclerosis (RRMS), did not demonstrate a significant change in binocular 2.5% low contrast letter acuity across treatment arms compared to placebo. The drug did show an acceptable safety and tolerability profile at both doses tested.
"We’re disappointed by these results, but are grateful to the VISTA trial investigators, and especially to the patients and their families," said Timothy Watkins, M.D., M.Sc., Chief Medical Officer and Head of Development at Contineum Therapeutics . "We intend to learn from these data and remain committed to pursuing novel therapies for patients with inflammatory and fibrotic diseases."
The VISTA trial was a randomized, double-blind, placebo-controlled, multi-center study designed to evaluate PIPE-307’s safety and efficacy in RRMS patients. The company continues to analyze data from the trial’s exploratory endpoints.
Contineum plans to present the complete dataset at a future medical meeting and publish full results in a peer-reviewed medical journal.
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