Avalanche Biotechnologies Inc. shares tumbled after some patients in a safety study of its gene therapy for an age-related chronic eye disease still required injections from another drug.
After the company released trial data Monday, shares fell as much as 32 percent to $26.40 in late trading. The study assessed AVA-101’s safety for patients with the disease, called wet age-related macular degeneration or wet AMD.
Although the study wasn’t designed to show statistically significant differences, the group treated with AVA-101 got an average of two extra injections of Roche Holding AG’s Lucentis, compared with four for the control group.
Of the 21 patients who received the drug, 42.9 percent had better or stable vision. That compared with 9.1 percent of patients in the control group of 11 patients.
If approved, AVA-101 would be the first gene therapy for the condition and could replace current options made by Regeneron Pharmaceuticals Inc. and Roche that require monthly injections in the eye. Avalanche’s treatment theoretically fixes disease-causing genetic code with only one injection. The treatments generate more than $1.7 billion in annual sales for each company, or about two-thirds of Regeneron’s sales.
Current options “create a burden and an inability to comply with treatments, which leads to vision loss,” Thomas Chalberg, chief executive officer of Avalanche, said in an interview. “Our goal is to bring this to the majority of wet AMD patients who have a need for frequent injections.”……….
read more: http://www.bloomberg.com/news/articles/2015-06-15/avalanche-s-eye-disease-gene-therapy-improves-vision-in-trial