Drug misses skin treatment target

One of the most prominent drug candidates in the Miragen Therapeutics Inc. (Nasdaq: MGEN) pipeline failed to show definitive benefits in early Phase II trials with lymphoma patients, bringing the drug’s future into question.

In a statement Monday, the Boulder-based Miragen said its cobomarsen drug candidate did not produce a “compelling result” in treating skin-related symptoms of the disease, which was the primary target of the study.

However, the study showed cobomarsen had an effect in progression free survival of trial patients, or stopping the growth of the cancer while the patient continued living.

Phase II trials are where drugs are tested to determine if they provide a benefit to patients, compared to a Phase III trial where drugs are tested against other treatments on the market for efficacy.

Cobomarsen was Miragen’s top treatment in its clinical pipeline and was granted orphan drug status by the U.S. Food and Drug Administration in July.

However, the company previously said it would review its clinical pipeline to focus on a pre-clinical pulmonary fibrosis drug and potentially sell off the rights to cobomarsen and other drugs in its portfolio.

“We have completed this preliminary evaluation and will continue to analyze the final topline data and other secondary SOLAR data as we seek a partner for cobomarsen,” CEO Lee Rauch said in the statement.

Miragen’s stock sank in afterhours trading Monday, from 76 cents per share as of 2 p.m. Mountain Time to as low as 44 cents per share 40 minutes later.