10 Apr , 2024 By : Debdeep Gupta
The Sun Pharma Advanced Research Company stock has gained 40 percent this year against a 4 percent rise in the benchmark Nifty50
Shares of Sun Pharma Advanced Research Company (SPARC) fell 5 percent to hit the lower circuit on April 10 after the Mumbai-based pharma company said it was abandoning the Phase 2 study on Vodobatinib for Parkinson's.
The PROSEEK study was a global trial that enrolled 513 patients with early Parkinson's disease from the United States, Europe, and India. It was designed to evaluate the safety and efficacy of the selective c-Abl tyrosine kinase inhibitor in patients with early Parkinson's disease.
The primary goal of the study was to show an improvement in the symptoms, as measured by the Movement Disorder Society – Unified Parkinson's Disease Rating Scale (MDS-UPDRS) Part III.
However, the interim analysis, based on data from 442 patients who completed 40 weeks of treatment, failed to demonstrate the superiority of Vodobatinib compared to placebo in the primary endpoint, Sun Pharma Advanced Research Company said.
"SPARC has reviewed the data and determined that the study has not shown evidence of treatment benefit in patients receiving Vodobatinib, and consequently decided to close the study," the company told exchanges. It plans to complete the full analysis of clinical outcomes and correlative biomarker data in the coming months.
At 10.12 am, SPARC shares were locked in a 5 percent lower circuit at Rs 429.70 on the National Stock Exchange (NSE). So far this year, the stock has risen nearly 40 percent, outperforming benchmark Nifty 50 which has gained 4 percent during the period. In the last year, SPARC has delivered returns of over 134 percent.
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