FibroGen said on Monday its experimental drug for a chronic lung disease failed to significantly slow the decline in a key measure of lung function in a late-stage study, sending the drugmaker's shares to a record low in morning trading.
The company said it plans to implement a significant cost reduction effort in the U.S. to extend its cash runway into 2026 and it will discontinue a second late-stage trial of pamrevlumab for treating IPF.The decision to discontinue the trial came after the drug failed to meet the main goal of achieving a certain change in forced vital capacity, indicating the volume of air a person can exhale in a second and is a key indicator of disease progression, compared to a placebo.
FibroGen's sole commercial product, roxadustat, is approved only in some countries, including China and Japan. The U.S. drug regulator had declined to approve the drug in 2021.Our Standards:
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