Proteon Therapeutics, Inc. (NASDAQ:PRTO) Crushed Following Report of Missed Late-Stage Results

Biopharmaceutical company, Proteon Therapeutics, Inc. (NASDAQ:PRTO), announces poor results from its late-stage chronic kidney disease trial as shares dropped over 74%.

Proteon Therapeutics Inc. (PRTO) saw its shares absolutely crater on Tuesday after the company reported top-line results from its late-stage chronic kidney disease (CKD) trial. The company announced that its first Phase 3 clinical trial with investigational vonapanitase, Patency-1, did not meet its primary endpoint of improved primary unassisted patency compared to placebo.

However, the top-line results for the trial’s secondary endpoint suggested that vonapanitase may improve secondary patency compared to placebo. Also data from one of the trial’s three tertiary endpoints suggested vonapanitase may improve unassisted fistula use for hemodialysis.

The trial’s primary endpoint, primary unassisted patency, is the length of time from fistula surgical creation to the first occurrence of a fistula thrombosis or corrective procedure to restore or maintain patency (blood flow). Vonapanitase-treated patients had a 17% reduction in the risk of primary unassisted patency loss over one year, compared to the placebo. At the end of one year, 42% of patients who received vonapanitase retained primary unassisted patency, compared to 31% of the placebo-treated patients.

In terms of the secondary endpoint, at the end of one year, 74% of vonapanitase-treated patients maintained secondary patency, compared to 61% of placebo-treated patients.

The adverse effects were relatively similar between the vonapanitase-treated patients and the placebo-treated patients. The most common adverse effects were consistent with medical events experienced by CKD patients undergoing radiocephalic fistula surgery.

Steven Burke, M.D., senior vice president and chief medical officer of Proteon Therapeutics, commented:

We are disappointed that the study missed the primary endpoint. However, it appears that vonapanitase had a drug effect and we are encouraged by the secondary patency and fistula use for hemodialysis findings in this trial, both of which we believe are clinically important. We plan to review the full data set from PATENCY-1 and further investigate these findings in our ongoing Phase 3 clinical trial, PATENCY-2.

Original Source


Proteon Therapeutics, Inc. (NASDAQ:PRTO) shares are trading -74.75% on the news and in the range of $2.45 – 3.10 during the current trading session.  When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock.  Sell-side research firms on Wall Street currently have a consensus one-year price target of $20.43 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.

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Sell-side analysts are projecting earnings per share of $-0.46 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-1.77 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading -74.07% away from its 50-day moving average of $9.64.  Based on the most recent available data, the equity is -84.83% off of its 52-week high of $16.48 and +2.04% away from its 52-week low which is $2.45.

Today, the stock opened at $2.90 and the last bid at the time of writing stood at $2.50.  During the session thus far, the equity dipped down to $2.45 and touched $3.10 as the high point.  Proteon Therapeutics, Inc. (NASDAQ:PRTO) has a market cap of $41.49M and has seen an average daily volume of 37,052 over the past three months.

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