NasVax Ltd. (TASE: NSVX) today announced disappointing results in its Phase I/IIa clinical trial for its most advanced product, VaxiSome, an improved influenza vaccine. The new results belied previous promising results.
NasVax's share plummeted 36.3% on the TASE to NIS 0.83, giving a market cap of NIS 40 million.
The trial was conducted on elderly patients in Israel, who received VaxiSome by injection, and on young patients, who received an aerosol version. The vaccine did not prove to be more effective than the vaccine that is currently on the market.
NasVax said that the present trial used a new production series of the active pharmaceutical ingredient (API), and that a difference in the series may have caused the differences in the trial result. The company also suggested that the sample may have too small to obtain statistically significant results.
Despite the inconclusive results, NasVax intends to pursue a larger Phase IIb trial for VaxiSome, which it will initiate in a few months.
NasVax CEO Erez Chimovits said that the company's other products were still in the early stage. For this reason, the company preferred to take the risk and proceed with the Phase IIb trial for VaxiSome, because positive results could significantly boost the company's value.
The Phase IIb trial for VaxiSome will cost about $500,000.
Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2009
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