Shares of Eiger BioPharmaceuticals took a major hit on Wednesday as the company announced the discontinuation of a late-stage study for peginterferon lambda, a treatment for chronic hepatitis D. The stock plummeted by almost 50% and reached an all-time low of 29.8 cents early in the trading session.
Eiger's decision to halt the Phase 3 trial was based on the recommendation of the trial's data-safety monitoring board. Four patients experienced hepatobiliary events leading to liver decompensation, which prompted the board's concern. As a result, the company aims to collaborate with the U.S. Food and Drug Administration and its investigators to manage an orderly termination of the study.
Furthermore, Eiger revealed that it is no longer engaged in active discussions with potential partners for a worldwide license of peginterferon lambda. These recent developments have certainly cast a shadow over the company's future prospects.
Despite this setback, Eiger BioPharmaceuticals remains committed to addressing the health challenges posed by hepatitis D. The company will likely regroup and explore alternative avenues to advance its research and development efforts in this field.
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