Gossamer takes a nosedive on Phase II results, but sees path forward in asthma

The failure of Gossamer’s lead program in two Phase II trials continues to sow doubts about the efficacy of drug candidates targeting PTGDR2, but the company believes further analysis of one study’s data still points to a path forward in asthma, one of the trials’ two indications.

Shares of Gossamer Bio Inc. (NASDAQ:GOSS) lost $3.50 (26%) to $10.09 on Tuesday, destroying more than $265 million in market cap, after the company said GB001 missed the primary endpoints in two Phase II studies to treat asthma and chronic rhinosinusitis. Gossamer will not develop the PTGDR2 inhibitor any further in the latter indication...