Evolutec plunges on hay fever drug failure

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evolutec group LONDON (SHARECAST) - Drug group Evolutec collapsed Monday after it said its rEV131 hay fever treatment performed no better than a placebo.

“No significant differences were observed between rEV131 and placebo in the phase IIb trial in allergic rhinitis and the primary endpoint was therefore not met,” it said in a statement.

“This is tremendously disappointing for Evolutec and its shareholders,” said chief executive Mark Carnegie Brown.
“We will review our intended programmes with rEV131 once the post-cataract results are received early next year and in the interim will continue to progress rEV576.”

The company is expected to report final results on 27 February.