NEW YORK (TheStreet) -- Tuesday afternoon was busy with clinical trial results. The losers: Tetraphase (TTPH - Get Report) , Flexion Therapeutics (FLXN - Get Report) and Theravance (THRX) . The sole winner: Akebia Therapeutics (AKBA - Get Report) .
Let's start with the good news: Akebia announced positive top-line results from a phase II study of vadadustat in dialysis patients with anemia related to chronic kidney disease. From the company's press release:
The study achieved its primary objective, indicating that vadadustat maintained stable hemoglobin (HGB) levels throughout the 16-week treatment period following conversion from recombinant erythropoiesis-stimulating agent (rESA) therapy. Vadadustat demonstrated a favorable safety profile with no drug-related serious adverse events and no deaths.
Akebia plans to advance vadadustat into pivotal, phase III studies. The company's stock price is up 48% to $11.66 in the after-market session. The stock closed at $7.81 during regular trading.
Tuesday's clinical trial losers:
Tetraphase's experimental antibiotic eravacycline, administered first as an injection and then orally, failed to demonstrate clinical equivalenceto the currently approved antibiotic levofloxacin for the treatment of complicated urinary tract infections (cUTI) in a phase III study known as IGNITE2.
"We are disappointed that the IGNITE2 trial did not achieve its primary endpoint. We plan to further analyze the data and provide an update after we have discussed the data and our plans for a path forward with the regulatory agencies," said Tetraphase CEO Guy Macdonald, in a statement. "We previously announced positive data from the IGNITE1 phase III clinical trial of eravacycline administered intravenously in complicated intra-abdominal infections which did meet its primary endpoint, demonstrating high cure rates in prevalent Gram-negative pathogens and a favorable safety profile."
Tetraphase shares are halted but closed Tuesday at $44.78.
Flexion plunged 52% to $14.99 from Tuesday's close of $29 due to disappointing results from a phase III study of lead osteoarthritis drug candidate FX006. In the study, FX006 failed to demonstrate superiority over placebo in pain relief at 12 weeks, the primary endpoint.
Theravance shares fell 15% to $13.56 following the announcement from partner GlaxoSmithKline (GSK - Get Report) that Breo Ellipta, an approved, inhaled medicine for chronic obstructive pulmonary disease, did not reduce the risk of death compared to a placebo.