Insmed Inc. (INSM) announced that its Phase 2b BiRCh study of brensocatib for chronic rhinosinusitis without nasal polyps did not meet its primary or secondary efficacy endpoints in both the 10 mg and 40 mg treatment arms.
The company will discontinue its development program of brensocatib in CRSsNP effective immediately. Following the update, Insmed shares were down 21.39% in overnight trading.
In parallel, Insmed also announced the acquisition of INS1148 (formerly known as OpSCF), developed by Opsidio, a private, clinical-stage company. The terms of acquisition were not revealed.
The company plans to advance INS1148 into phase 2 trials in interstitial lung disease and moderate-to-severe asthma.
Commenting on the study results, Martina Flammer, M.D., MBA, Chief Medical Officer of Insmed, said, "While we are disappointed in the results, they provided us with a clear answer. We extend our sincerest gratitude to the patients and investigators who made the BiRCh study possible."
INSM has traded in a range of $60.40 to $212.75 over the past year. The stock closed Wednesday's trading at $198.46, down 1.10%.
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