Why Corcept Therapeutics Plummeted by 50% Today
NO biotechnology He wants to get out of one year with a rejection decision. Unfortunately Corcept Therapeutics (NASDAQ: CORT) And that’s exactly what happened to the California-based company for its shareholders. As a result, the company’s share price fell just over 50% in Tuesday’s trading.
That morning, Corcept announced that it had received a message. full reply letter from the US Food and Drug Administration (FDA), where the regulator has refused to approve relacorilant. This is a hormone-blocking oral medication that targets hypertension (i.e., high blood pressure) secondary to hypercortisolism.
This disorder, also known as Cushing’s syndrome, is a rare hormonal disorder in which the body is exposed to cortisol, a stress hormone, for a long time.
Corcept noted that although the FDA acknowledged that the drug met its primary endpoint in a late-stage clinical trial, the regulator “was unable to reach a positive benefit-risk assessment for relacorilant without Corcept providing additional evidence of efficacy.”
Corcept isn’t giving up on its once promising drugs. He vowed to continue trying to find a way to commercialize the drug, saying he aims to meet with FDA officials in the near future to discuss potential paths forward for the drug.
However, any chance of success at this time will likely require additional clinical studies; Therefore, even in the best-case scenario, approval of the drug will not be an easy path. Therefore, the FDA’s response should be considered a significant defeat for Corcept.
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