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The company said that its targets were not achieved, but the 200 mg treatment group demonstrated activity and was similar to previous Phase IIa successful results.
After the results were announced yesterday the company's share tumbled from $0.47 to $0.19, giving a market cap of $10.8 million.
Pharmos reported that although the primary efficacy variable (percentage of weeks responding for adequate overall relief of IBS symptoms) did not reach statistical significance, the percentage responding for the Dextofisopam 200 mg group was higher than that observed for the Phase IIa trial. However, the placebo response rate was higher than expected compared to the Phase IIa placebo response.
Pharmos believes that it can still find a buyer for its product, although no negotiations have been reported. The company said that its strategy is now to seek a pharmaceutical partner with the appropriate GI scientific expertise for further development of Dextofisopam.
Dextofisopam is Pharmos' only remaining product after trials for a treatment for chronic pain failed last year, and a trial for the treatment of head injuries failed in 2004.
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