BioInvent International AB (BINV) and partner ThromboGenics NV (THR) each fell by a record after the companies said they halted development of a blood thinner that caused excessive bleeding in a clinical trial.
BioInvent dropped as much as 61 percent to 5.05 kronor and was trading down 57 percent at 12:12 p.m. in the biggest decline since the Lund, Sweden-based drugmaker’s June 2001 initial public offering. The stock has plunged 66 percent this year, valuing the company at 406.6 million kronor ($56 million).
Hip or knee surgery patients who received the TB-402 drug had “a significantly higher incidence of bleeding events” than those on Bayer AG (BAYN)’s Xarelto, BioInvent and Leuven, Belgium, ThromboGenics said in a statement today. Their experimental infusion wasn’t any better than Xarelto at blocking blood clots after the surgery.
The companies wanted to “raise the bar” for TB-402 by testing it against Xarelto, BioInvent Chief Executive Officer Svein Mathisen said in the statement.
The partners said in a separate statement today that Roche Holding AG (ROG) has ended its licensing deal for a different project, TB-403, a monoclonal antibody thought to block the growth of new blood vessels in eye diseases such as age-related macular degeneration. BioInvent and ThromboGenics said they’ll keep studying the experimental drug.
ThromboGenics fell as much as 21 percent to 17.10 euros, the stock’s biggest intraday drop since the company’s July 2006 IPO, and traded down 20 percent in Brussels.
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