Tricida Shares Plunge 94% After Kidney Disease Drug Fails Trial -- Barrons.com

Dow Jones2022-10-25

Karishma Vanjani

Shares of pharmaceutical company Tricida plunged 94% on Monday after its kidney disease treatment failed to show the desired results, further confirming investor skepticism about its approval.

In a Phase 3 trial, the drug -- called veverimer -- did not meet its primary endpoint, according to the press release. That is another way of saying it failed to delay the occurrence of renal death, end-stage renal disease, and other factors.

Shares of Tricida (ticker: TCDA) plummeted to $0.63, hitting an all-time low following the news. It is also the stock's largest percent decrease on record.

Investors began to doubt the drug would be approved when the Food and Drug Administration rejected the company's new drug application in mid-August 2020, requesting additional information on its clinical benefit. Tricida submitted an appeal, but it was denied early last year.

There are currently no therapies approved by the FDA to slow progression of kidney disease through the treatment of chronic metabolic acidosis in patients with CKD, or chronic kidney disease, Tricida said.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com

(END) Dow Jones Newswires

October 24, 2022 14:29 ET (18:29 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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