In a Phase 3 trial, the drug—called veverimer—did not meet its primary endpoint, according to the press release. That is another way of saying it failed to delay the occurrence of renal death, end-stage renal disease, and other factors.
Shares of Tricida plummeted to $0.63, hitting an all-time low following the news. It is also the stock’s largest percent decrease on record.
Investors began to doubt the drug would be approved when the Food and Drug Administration rejected the company’s new drug application in mid-August 2020, requesting additional information on its clinical benefit. Tricida submitted an appeal, but it was denied early last year.
There are currently no therapies approved by the FDA to slow progression of kidney disease through the treatment of chronic metabolic acidosis in patients with CKD, or chronic kidney disease, Tricida said.
