23rd Apr 2018 17:47
LONDON (Alliance News) - Woodford Patient Capital Trust PLC said Monday that investee Prothena Corp PLC's trial investigating NEOD001 for treating AL Amyloidosis has not met its primary endpoint.
The investment trust said Prothena has decided to halt all spending on NEOD001 immediately, including the termination of the ongoing Vital study, which had been due to read-out next year.
"We have always been clear why we have backed Prothena and, given the positive progress throughout the development of this drug, we have been increasingly confident it would be successful. Such trial results are symptomatic of early-stage investing, however, and with specific regard to biotech companies, trial outcomes are binary. Nevertheless, the result of this trial is undoubtedly a blow and we will be working with the company and its management team on its strategy beyond Pronto," Woodford Patient Capital Trust said.
Shares in the trust closed at 75.70 pence, down 11%.
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