In its latest blog, Woodford Patient Capital has commented on the dramatic fall in the price of its largest investment, Circassia. You can read the blog in full here.
“[Circassia] has this morning announced the failure of its high-profile phase III study into its cat allergy vaccine.
This is undoubtedly a disappointing development. We had high hopes for this trial and are therefore surprised at its failure, particularly when you consider some of the positive aspects of the trial data. The drug has demonstrated a very positive effect, with patients on all doses of the treatment showing a 60% improvement in their symptoms with a very good safety profile. This is better than we had expected – in fact, it’s better than anyone had expected.
The problem is, the trial results also showed a dramatic placebo effect. The trial was being conducted on people with a severe allergic reaction to cats – whether these people had been administered the drug or a placebo, the trial results showed broadly the same impact on symptoms….”
WPCT : Woodford comments on Circassia