KaloBios falls after dropping KB003 for asthma

KaloBios Pharmaceuticals Inc. (NASDAQ:KBIO) fell $1.45 (31%) to $3.20 in early after-hours trading on Wednesday after the company announced after market close that it discontinued development of KB003 for severe asthma. The decision came after IV KB003 every four weeks missed the primary endpoint of improving mean forced expiratory volume in 1 second (FEV1) from baseline to week 24 vs. placebo in a Phase II trial in the indication. The double-blind, international trial enrolled 160 patients with severe asthma inadequately controlled on corticosteroids. All patients received standard of care (SOC). The company said it will continue to analyze the data to determine next steps, if any, for KB003, a chimeric mAb against GM-CSF developed using Humaneered technology.

KaloBios also said it will now focus on developing KB001-A, a humanized antibody fragment against PcrV (V-antigen) on Pseudomonas aeruginosa in Phase II testing to treat cystic fibrosis in patients with P. aeruginosa lung infections, with data expected in 4Q14. The company is also developing KB004, a humanized mAb targeting EPH receptor A3 (EPHA3) receptor tyrosine kinase in Phase II testing to treat acute myelogenous leukemia (AML) and myelodysplastic syndrome (MDS). ...