Monday, October 6, 2008

Knee pain trials fail, CombinatoRx stock drops

By Mass High Tech Staff

Cambridge biotech firm CombinatoRx Inc. has reported disappointing preliminary results from its Phase 2b clinical trial of Synavive, intended to treat knee osteoarthritis. The placebo and Synavive comparison trial turned up statistically insignificant results in a knee pain measurement test for patients walking on a flat surface.

As a result of the clinical trials results, CombinatoRx (Nasdaq: CRXX) stock dropped 73 percent at about 11 a.m. (EST) from $3 per share to $0.80 per share.

The company describes Synavive as a “glucocorticoid product candidate designed to enhance the anti-inflammatory benefits of glucocorticoids, without associated side effects.” Earlier trials returned encouraging results from using Synavive to treat osteoarthritis and rheumatoid arthritis.

In February, CombinatoRx reported it had garnered a U.S. patent on drug combinations, including the topical dermatology drug candidate CRx-191, for the treatment of inflammatory disorders.

Last October, CombinatoRx reported it had signed definitive agreements with unnamed institutional investors to sell up to 5.6 million shares of its common stock, raising a combined $35 million in a registered direct offering.

CombinatoRx reported a net loss of $53.3 million on total revenue of $15 million in 2007. The biotech employs 144 workers.