AEZS–Bad News

AEZS announced this morning that their Phase III efficacy trial for Centrorelix did not go well. The trial showed no difference in results than a placebo. From the press release:

“Juergen Engel, Ph.D., AEterna Zentaris President and CEO stated, “Although the data received for the open-label safety study Z-041 with a nearly 6 point reduction in IPSS are in line with what we had observed in our Phase 2 program, we are disappointed by the failure to achieve the primary endpoint in the efficacy study Z-033. We remain committed to the ongoing Phase 3 program with cetrorelix in BPH and are working towards receiving the results of the second pivotal efficacy study Z-036 in November.”

Meanwhile the stock has been hammerered in pre-market trading (and the market looks like a big plunge this morning on top of it). Down to about $1. Horrible.

Still this is not a one-trick pony and has almost a buck in cash. We are not traders, so we will hang in there. We expect a big flush this morning and hopefully a slow climb back to $2 area.

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