Sun Pharma Advanced dives 5% after Parkinson's drug trial halted

10 Apr 2024 , 11:18 AM

On April 10, Sun Pharma Advanced Research Company (SPARC) shares dropped 5% to reach the lower circuit following the Mumbai-based pharmaceutical company’s announcement that it was giving up on its Phase 2 study of Vodobatinib for Parkinson’s disease.

A global trial called PROSEEK included 513 individuals from India, Europe, and the United States who had early-stage Parkinson’s disease. The selective c-Abl tyrosine kinase inhibitor was intended to be tested for safety and effectiveness in individuals with early-stage Parkinson’s disease.

The Movement Disorder Society’s Unified Parkinson’s Disease Rating Scale (MDS-UPDRS) Part III was used to quantify symptoms, and the study’s main objective was to demonstrate a decrease in those symptoms.

Sun Pharma Advanced Research Company stated that the interim analysis, which was based on data from 442 patients who finished their 40 weeks of treatment, did not show that vodobatinib was superior to a placebo in the primary endpoint.

“SPARC has reviewed the data and determined that the study has not shown evidence of treatment benefit in patients receiving Vodobatinib, and consequently decided to close the study,” the business stated to exchanges. In the upcoming months, it intends to finish the comprehensive examination of the correlated biomarker data and clinical outcomes.

On the National Stock Exchange (NSE), SPARC shares were trapped in a 5% downward circuit at Rs 429.70 at 10:12 a.m. The stock has increased by almost 40% so far this year, outpacing the benchmark Nifty 50’s 4% gain during the same period. Over the past year, SPARC has produced returns of more than 134%.

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