Helixmith Co. Ltd. said its experimental gene therapy Engensis failed to reduce nerve pain in patients with diabetic peripheral neuropathy.
The South Korean biotechnology company was studying the medicine, also known as VM202, in 500 patients with painful diabetic peripheral neuropathy as part of a phase 3 trial that lasted nine months. The therapy was evaluated against placebo in the study.
Diabetic neuropathy is a type of nerve damage caused by chronically high blood sugar and diabetes. The condition most often damages nerves in the legs and feet.
Helixmith, formerly known as ViroMed Co. Ltd., said Engensis was not better than placebo in reducing pain in patients. The company has set up a team to study the data and said it plans to share the details of the trial with the U.S. Food and Drug Administration in December.
Furthermore, the company has additional clinical trials planned for the medicine in patients with diabetic peripheral neuropathy and expects to report results by early 2022.
The biotechnology company's stock was down by 29.99% to 120,000 South Korean won at market close Sept. 24 on the Korean Securities Dealers Automated Quotations.
Helixmith's drug is a potential rival to Pfizer Inc.'s blockbuster medicine Lyrica which is approved in the U.S. to treat diabetic nerve pain, among others.
As of Sept. 23, US$1 was equivalent to 1,195.99 South Korean won.
