An asthma diagnostic from Sydney biotech Pharmaxis is expected to gain marketing approval in the US, despite poorer-than-expected results in a trial with an existing product.
Investors pushed Pharmaxis down 45¢, or more than 13 per cent, after it announced that its product, Aridol, was only marginally better than the existing methacholine.
The US Food and Drug Administration-approved test of more than 500 patients with "predominantly very mild symptoms" showed Aridol detected asthma in 58 per cent of the cases, compared with methacholine's 54 per cent. Analysts said the results would not affect chances of FDA approval because the tests showed the product was safe and at least as efficient as the existing diagnostic.
Pharmaxis shares recovered from an earlier plunge to close 4¢ lower at $3.22.
source - The Age