Anacor falls after Phase III data for nail fungus disappoint

Anacor Pharmaceuticals Inc. (NASDAQ:ANAC) fell $1.06 (21%) to $4.11 on Tuesday after tavaborole met the primary endpoint in a Phase III trial to treat onychomycosis but appeared less effective than a competing compound under FDA review. In the Phase III trial (Study 301), a once-daily topical solution of tavaborole for 48 weeks met the primary endpoint of a greater proportion of patients who achieved clinical cure at week 52 vs. vehicle-treated controls (6.5% vs. 0.5%, p=0.001). The double-blind trial enrolled 594 patients with distal subungual onychomycosis. Data from the identical Phase III trial (Study 302) are expected in March. Both trials have an SPA from FDA. Anacor said it plans to submit an NDA to FDA for the antifungal agent in mid-2013. ...