Celltrion Group shares dip on trial suspension of inhaled Covid-19 therapy

[Source: Celltrion Inc.]

Celltrion Group shares declined Tuesday morning after the Korean biopharmaceutical group has decided to suspend the clinical trials of its inhaled Covid-19 antibody cocktail therapy, citing the need to change strategies for Covid-19 treatment development at a time when the pandemic is shifting into an endemic phase.

Celltrion shares lost 3.13 percent to trade at 170,000 won ($132), with Celltrion Healthcare and Celltrion Pharm shares down 4.38 percent and 3.99 percent, respectively, as of 9:40 am on Tuesday.

Celltion said just before the opening bell on Tuesday that it is suspending clinical trials and commercialization programs for the inhaled antibody cocktail therapy for patients with mild-to-moderate symptoms of Covid-19 in response to a rapidly changing pandemic landscape.

Celltrion said its business feasibility was judged to be insignificant as the number of patients in the planned clinical trial required by global regulatory authorities became larger than expected.

The inhaled antibody cocktail is a combination of monoclonal antibodies with inhaled regdanvimab (CT-P59) and CT-P63, a monoclonal antibody targeting newly emerging mutations of SARS-CoV-2, including the Omicron variant. The company had planned to enroll 2,200 patients globally for a Phase 3 trial.

Celltrion also said it will continue research on therapeutics that can respond to a wide range of Covid-19 mutations, as well as mRNA vaccine and oral treatment platforms to prepare for future pandemics.

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