Shares of Sangamo Biosciences Inc., a biotechnology company engaged in the research, development and commercialization of DNA-binding proteins, are down sharply in today’s trading after the company announced that its phase IIb trial of SB-509 in diabetic neuropathy did not meet key study endpoints.
At last check, Sangamo Biosciences shares were trading 23.45% lower at $3.33, with volume up from daily average of 604,766 to 1.86 million.
Sangamo said that the phase IIb trial results showed that SB-509 treatment did not show statistically significant improvements from baseline when compared with placebo at 180 days in the primary endpoint. Dale Ando, M.D., vice president of Development and CMO at Sangamo, said that while positive effects on major endpoints in SB-509-treated subjects in the trial were of a similar magnitude to those observed in the company’s previous phase II trial, the placebo group in the study showed a surprise improvement in these measures over the 180-day test period.
Sangamo President and CEO Edward Lanphier said that the company is disappointed that the trial did not produce a better outcome and that based on the results the company will not continue with further development of SB-509.
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