By Dean Seal
Shares of BioCardia fell after the company said its ongoing Phase 3 pivotal CardiAMP Cell Therapy Heart Failure trial was unlikely to meet its primary endpoint.
The stock dropped 23% to 60 cents in early trading. When the market closed Friday, shares had already fallen 63% over the prior 12 months.
The Sunnyvale, Calif.-based company said that based on certain measures of the trial at a one-year follow-up, the 250-patient randomized controlled study isn’t likely to meet its primary efficacy endpoint.
Amish Raval, a professor of medicine at University of Wisconsin at Madison and a co-national principal investigator, said the results did show that, “while not statistically significant, there were trends towards patient benefits for the CardiAMP cell therapy over the course of the study, including a reduction in all cause death.”
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