Tourmaline Bio's shares dropped by as much as 18% in Tuesday trading following the release of Phase 2 study results for pacibekitug, its antibody drug candidate for heart disease. Despite showing promising efficacy, market reaction reflected concerns about the drug's competitive positioning.
The New York-based biotechnology company reported that pacibekitug significantly reduced a biomarker linked to cardiovascular risk compared to placebo over a three-month treatment period. Based on these results, Tourmaline is advancing the drug to Phase 3 outcomes studies.
However, investors appear skeptical about pacibekitug's ability to compete with a similar treatment being developed by pharmaceutical giant Novo Nordisk, contributing to the sharp decline in share price.
Phase 2 Results and Development Plans
The Phase 2 trial evaluated pacibekitug's effect on cardiovascular biomarkers in patients with heart disease. While specific p-values and confidence intervals were not disclosed in the announcement, the company characterized the biomarker reduction as statistically significant compared to placebo.
Pacibekitug is a monoclonal antibody designed to target specific pathways involved in cardiovascular disease progression. The positive biomarker data supports Tourmaline's decision to advance the program to pivotal Phase 3 studies that will assess clinical outcomes rather than surrogate endpoints.
Industry analysts note that while the biomarker data is encouraging, Tourmaline faces significant challenges in differentiating its candidate from Novo Nordisk's competing program, which may have advantages in terms of development timeline and commercial infrastructure.
Corporate Changes at Schrödinger
In separate industry news, computational drug discovery company Schrödinger announced that CFO Geoffrey Porges will be leaving the company. According to Tuesday's announcement, Porges and the company "mutually agreed" he would depart to "pursue other opportunities."
The leadership change comes at a challenging time for Schrödinger, with shares trading near record lows. Just a day before the announcement, the company revealed plans in a regulatory filing to lay off approximately 60 employees, representing about 7% of its workforce, as part of cost-cutting measures.
CEO Ramy Farid acknowledged Porges' contributions since joining as CFO in 2022, stating he had "strengthened the company's financial profile." Richie Jain, who previously served as Schrödinger's senior vice president of strategic finance and head of corporate development, will replace Porges as CFO.
CRISPR Therapeutics Expands Technology Platform
CRISPR Therapeutics is broadening its technological capabilities through a new strategic alliance with Sirius Therapeutics, a company specializing in small interfering RNA (siRNA) therapies.
The collaboration, announced Monday, involves CRISPR Therapeutics making a $25 million upfront payment to Sirius and a $70 million equity investment. The partnership will focus on developing SRSD107, an siRNA therapy being positioned as a novel blood thinner with potentially reduced bleeding risk compared to current anticoagulants.
SRSD107 has already completed two Phase 1 trials, and a mid-stage clinical study is now beginning. This partnership represents CRISPR Therapeutics' strategic move to diversify beyond its core gene-editing technology into complementary therapeutic modalities.
Atai Life Sciences Reports Positive Results for Depression Treatment
Atai Life Sciences saw its shares rise more than 5% on Tuesday following the announcement of positive results from the second part of a mid-stage clinical trial for its depression treatment.
The study evaluated a nasal spray formulation of mebufotenin (code-named BPL-300) in twelve patients with treatment-resistant depression. According to Atai, a single dose of the spray, administered alongside standard SSRI therapy, produced "rapid and durable antidepressant effects" lasting up to three months.
Jefferies analysts described the results as an "encouraging signal" but noted that a separate, larger Phase 2 study expected to report results soon will be more definitive in determining the drug's potential. Atai gained access to BPL-300 earlier this year by acquiring a nearly 36% stake in its developer, Beckley Psytech.
The positive early results highlight growing interest in psychedelic-based therapies for mental health conditions that respond poorly to conventional treatments.
