BioCryst to discontinue development of drug
Shares of BioCryst Pharmaceuticals Inc. were down about 5% in premarket trading on Thursday after the company said it halted development of BCX9930, which was being tested as a treatment for paroxysmal nocturnal hemoglobinuria and some renal diseases, saying it no longer believes the therapeutic candidate is competitive commercially. BioCryst told investors that discontinuing the BCX9930 program will have a positive financial impact, and research and development expenses in 2023 will be similar to 2022’s figures. “We have continued to believe that discontinuation of the program and focusing on commercialization of Orladeyo and pipeline development would result in earlier profitability and better sentiment,” RBC Capital Markets analyst Brian Abrahams told investors. “In reflection of our view, the program did not have any meaningful contribution to our current stock valuation of $13.” Orladeyo was approved in 2020 to help prevent hereditary angioedema attacks. BioCryst’s stock has declined 8.4% this year, while the S&P 500 is down 16.1%.
