Santhera Pharmaceuticals Holding AG's lead product, Raxone, failed to show any efficacy as a treatment for multiple sclerosis, a neurological disease.
The drug, also known as idebenone, is approved as a treatment of Leber's hereditary optic neuropathy in the European Union. The company has been seeking to expand its intended use, including as a treatment for Duchenne muscular dystrophy which the European Medicines Agency rejected.
The company said patients on Raxone showed no difference in outcome when compared to those that were on placebo in a phase 1/2 trial which was backed by the U.S. National Institutes of Health.
The study included 66 patients that completed the trial.
The Swiss specialty pharmaceutical company's stock price was down 22.44% following the news to CHF20.05 per share as of 8:35 a.m. ET on March 5, 2018.
