VIR - Vir Biotech plunges as mid-stage study for flu candidate fails

2023-07-20 08:46:16 ET

Vir Biotechnology ( NASDAQ: VIR ) fell ~40% pre-market Thursday after the company said that its Phase 2 trial for VIR-2482, a monoclonal antibody targeted at the prevention of influenza A, did not meet its main goals.

In terms of its primary endpoint, the participants who received the intramuscular injection at the highest dose indicated a decline of approximately 16% in influenza A protocol-defined illness. However, the finding was not statistically significant.

According to CDC criteria for influenza-like illness, one of the trial’s two secondary endpoints, VIR-2482 at the highest dose, showed about a 57% reduction in symptomatic influenza A illness.

The PENINSULA trial enrolled about 3,000 adults who did not receive an influenza vaccination for the flu season.

"Although, these topline data are disappointing, further analysis is necessary to better understand these outcomes, which we plan to present at a major medical congress," said VIR’s interim head of research, Phil Pang.

Vir ( VIR ) said that its $1.9B in cash and investments as of the end of Q2 "will allow us to invest in our ongoing development and future innovation."

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