Macrocure's cell therapy for wounds fails late study
Israeli biotechnology company Macrocure Ltd said it would "analyze all strategic options" after its cell therapy for hard-to-treat wounds failed a late-stage U.S. study, pushing its shares down more than 50 percent after the bell.Macrocure's CureXcell, already in use in Israel, is a formulation of living human white blood cells activated to stimulate the healing and closure of wounds from the inside out.Macrocure said on Tuesday that the drug did not meet the main goal in patients with diabetic foot ulcers."We will analyze all strategic options for the company and continue to focus on managing and conserving our existing cash," Chief Executive Nissim Mashiach said in a statement.
As of Sept. 30, Macrocure had a preliminary estimated and unaudited cash balance of about $30 million and no debt outstanding.In the late-stage study, CureXcell did not show a statistically significant proportion of subjects with complete wound closure at 16 weeks and sustained complete closure for four more weeks.
The results are a second blow in quick succession to Macrocure, after an independent data and safety monitoring committee said in August that it expects CureXcell to fail a late-stage study in patients with venous leg ulcers.
The Petach Tikva, Israel-based company's shares were trading at $1.95 on the Nasdaq after the bell on Tuesday. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D'Silva and Robin Paxton)