Aquinox halts product development, stock nosedives

Aquinox Pharmaceuticals Inc. (NASDAQ:AQXP) plummeted $12.97 (85%) to $2.34 Wednesday after sole clinical asset rosiptor (AQX-1125) missed the primary endpoint in the Phase III LEADERSHIP 301 trial to treat interstitial cystitis/bladder pain syndrome (IC/BPS). The company said it has halted the product’s development and plans to provide guidance on strategic options later this year.

In the 433-patient trial, oral rosiptor did not improve mean maximum daily bladder pain score compared with placebo in the trial’s 341 female patients. The company said rosiptor also did not improve versus placebo in sensitivity, subpopulation and secondary endpoint analyses...