Shares of Irvine-based Aeon Biopharma Inc. plunged 54% after a Phase 2 trial to treat migraines, called ABP-450, didn’t meet its primary endpoint.
The primary endpoint of mean reduction in monthly migraine days over a 13 to 24 week period in 325 patients randomized across three arms showed a reduction of 8.5 days in one case, 7.7 days in a second case while the placebo case showed an 8.4 day reduction.
“While we were surprised and disappointed that ABP-450 did not demonstrate statistically significant superiority over placebo in this interim readout, both active arms showed a reduction in monthly migraine days directly in-line with our expectations,” Chief Executive Marc Forth said in a statement.
“We are conducting additional analyses of the interim data to understand the highly abnormal and unexpected placebo effect and further evaluate the results of this study to determine the best path forward in the development of ABP-450 for the preventive treatment of migraine.”
The shares dropped to $1.56 and a $61 million market cap.
