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Shield Therapeutics stocks tank on late-stage trial failure

Shield Therapeutics plc said its iron deficiency treatment failed to meet its main goal in a late-stage trial.

Feraccru, or ferric maltol, was being evaluated in 168 chronic kidney disease patients with iron deficiency anemia in a phase 3 study known as AEGIS-CKD.

After 16 weeks, the drug was unable to demonstrate a statistical difference in change of hemoglobin from baseline when compared to placebo.

"We are surprised and disappointed by these top-line findings. We now await the full dataset in order to fully understand the study's outcome and define the next steps in our strategy," Shield Therapeutics CEO Carl Sterritt said in a statement.

Shield Therapeutics stocks were down 51.11% on the news as of 10:22 a.m. GMT on Feb. 5.

Feraccru is already approved in Europe for inflammatory bowel disease patients with iron deficiency anemia.

It is being evaluated in another study, known as AEGIS-H2H, to determine whether it is just as effective as market-leading iron therapy Injectafer which is sold by Daiichi Sankyo Co. Ltd.

The U.K. based specialty pharmaceutical company is also looking to expand European approval of Feraccru to include all patients with iron deficiency anemia.