Connect Biopharma Stock Plunges As Ulcerative Colitis Candidate Flunks In Mid-Stage Study

Connect Biopharma Holdings Limited CNTB announced topline results at 12 weeks from its Phase 2 trial for CBP-307 (CBP-307CN002) for ulcerative colitis.
CBP-307 0.2 mg demonstrated a numerical reduction for the primary endpoint of least squares mean change from baseline in adapted Mayo Score at Week 12 that did not meet statistical significance.
The Mayo Score (stool frequency, rectal bleeding, and endoscopy scores) at Week 12 for CBP-307 0.2 mg and placebo were -2.65 and -2.01, respectively (p=0.103).
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A significantly higher proportion of patients reached clinical remission compared to placebo.
Additionally, reductions in lymphocyte counts amongst individuals receiving CBP-307 0.2 mg confirmed the pharmacodynamic activity of CBP-307 in patients with active UC.
Across the CBP-307 0.2 mg and placebo groups, occurrence of drug-related treatment-emergent adverse events were 66.0% and 38.5%, respectively.
The company intends to engage in partnership discussions for the future development of CBP-307 to focus on the lead program CBP-201.
Price Action: CNTB shares traded 32.5% lower at $1.31 in pre-market on the last check Wednesday.