Infinity Pharmaceuticals, Inc. (INFI) announced disappointing results from a phase IIa study on duvelisib (IPI-145). The candidate is being developed for the treatment of patients suffering from mild allergic asthma.
Results from the randomized, double-blind, placebo-controlled, cross-over study revealed that duvelisib failed to meet the primary endpoint of a statistically significant improvement in the maximum early-phase or late-phase asthmatic response. However, the candidate was well tolerated and successful in meeting other secondary endpoints of the study.
Duvelisib is an important candidate at Infinity Pharma. We are disappointed by the failure of the candidate to meet the study’s primary endpoint.
Apart from allergic asthma, duvelisib is also being developed for the treatment of rheumatoid arthritis in the phase II ASPIRA study. The study is evaluating duvelisib with background methotrexate in patients suffering from moderate-to-severe rheumatoid arthritis. Infinity Pharma intends to report data from the study by year end.
Disappointing results from the other study as well will weigh heavily on the stock. We expect investor focus to remain on the candidate going forward.
Infinity Pharma’s shares skyrocketed last month when the company announced that it inked a collaboration agreement with AbbVie Inc. (ABBV) for the development and commercialization of duvelisib. AbbVie made an upfront payment of $275 million to Infinity Pharma to jointly commercialize duvelisib in the U.S. and will share the potential profits or losses equally (read more: Will AbbVie's $805 Million Agreement for Duvelisib Pay Off?).
Infinity Pharma currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Medivation, Inc. (MDVN) and Emergent BioSolutions, Inc. (EBS). Both the stocks hold a Zacks Rank #1 (Strong Buy).
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