Array BioPharma Inc (ARRY.O) said its experimental pain drug did not reduce pain better than the existing standard of care in a mid-stage study, sending its shares down 13 percent in after-market trade.
The compound, ARRY-797, reduced pain similar to the standard of care for chronic pain, Oxycodone ER. Patients taking Oxycodone showed a higher rate of adverse events in the trial.
The mid-stage study showed that ARRY-797 reduced pain significantly higher than a dummy drug -- the main goal.
Data from the trial suggests that ARRY-797 could be effective in treating both acute and chronic pain indications, the company said in a statement.
ARRY-797 is currently being tested in multiple ascending dose trials, the drugmaker added.
Shares of the Boulder, Colorado-based company, which have risen about 45 percent in the last three months, fell 13 percent to $4.50 in extended trade. They closed at $5.14 on Tuesday on the Nasdaq.
(Reporting by Vidya P L Nathan in Bangalore; Editing by Sriraj Kalluvila)