An experimental immune disease drug from Moonlake Immunotherapeutics fell short of investors’ expectations in a pair of closely watched clinical trials, sending shares of the Swiss biotechnology company falling more than 80% on Monday.
Both late-stage trials focused on patients with a chronic inflammatory skin condition known as hidradenitis suppurativa. In one, about 35% of participants treated with the Moonlake’s drug, sonelokimab, had a significant reduction in disease symptoms after four months, versus about 18% of placebo recipients. While that result met statistical significance, the difference between the two groups wasn’t as large as executives and investors…
