Unity Biotech Craters After Lead Drug Flunks Midstage Osteoarthritis Study

Shares of Unity Biotechnology Inc UBX, which went public in mid-2018, were moving notably lower Monday following an adverse clinical readout.

What Happened: San Francisco, California-based Unity said the 12-week results from the Phase 2 study of its lead asset UBX0101 showed that the trial did not meet the primary endpoint.

The study looked at the p53/MDM2 interaction inhibitor in patients with moderate-to-severe painful osteoarthritis of the knee.

"There was no statistically significant difference between any arm of UBX0101 and placebo at the 12-week endpoint for change from baseline in WOMAC-A, an established measurement of pain in OA," Unity said in a statement.

UBX0101 is the most advanced investigational therapy in Unity's pipeline.

What's Next: Given the results, the company said it does not expect to advance UBX0101 into pivotal studies and will instead narrow its near-term focus to its ongoing ophthalmologic and neurologic disease programs.

Unity also said it expects to complete collection of the 24-week data from the Phase 2 study, as well as that from the ongoing Phase 1b high-dose, repeat-dose study in the second half of 2020. Data from the Phase 2 and Phase 1b studies will be presented at a future medical meeting, it added.

UBX Price Action:  At last check, Unity shares were plunging 65.41% to $4.30. 

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