- Thinly traded Cidara Therapeutics (CDTX -19.6%) is down on over a 6x surge in volume following its release of Phase 2 data on lead antifungal candidate rezafungin acetate in patients with systemic Candida infection.
- Shares initially spiked ~20% premarket based on the company's statement that the study met all of its objectives, but then quickly reversed after investors apparently looked closely at the results.
- Two points stand out: the comparative data against caspofungin (Merck (NYSE:MRK)'s Cancidas) were not statistically valid since STRIVE was not powered to demonstrate superiority or non-inferiority and the incidence of treatment-emergent adverse events was higher (88.6% and 94.4% for rezafungin versus 81.8% for caspofungin). The rates of severe adverse events, though, were lower in the rezafungin groups (37.1% and 27.8% vs. 39.4%).
- The company plans to advance rezafungin into Phase 3 development.
- Previously: Cidara's lead drug successful in mid-stage study (March 19)
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Original article