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Investing.com – Theravance Biopharma (NASDAQ:TBPH) shares slumped as much as 11% in Monday’s premarket after a drug it was developing to treat COVID-19-related lung injury failed to meet the hoped-for standards.
The drug, nezulcitinib, is an investigational, inhaled, lung-selective, pan-Janus kinase inhibitor in development for hospitalized patients with confirmed COVID-19 associated acute lung injury and impaired oxygenation.
The phase-2 study, comprising 3 mg once-daily nezulcitinib compared to placebo, was done on 210 patients. Standard of care in the study included approximately 99% receiving steroids with 91% receiving dexamethasone.
Theravance is a diversified biopharmaceutical company primarily focused on the discovery, development and commercialization of organ-selective medicines. Its research is focused in the areas of inflammation and immunology.
By 7:40 AM ET (1140 GMT), the shares had pared their losses to be down only 3.7%.
