Helixmith Shareholders Fail In Bid To Oust Top Management
Trials, Stock Recovery Now Key
Relief for Helixmith’s management as voting at recent shareholders' meeting failed to remove top executives, including the South Korean biotech’s founder and CEO, following recent setbacks. But the future of the board may now depend largely on the success of the ongoing clinical trials for lead assets and stock price recovery.
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Korean venture Helixmith faces another setback following a missed Phase III endpoint for its plasmid DNA neuropathy candidate, with its shares plunging after it warned of a possible delay in a planned rights offering, amid concerns from minority shareholders over other investment losses.
After probing pharmacokinetic data flaws in the first US Phase III study for its gene therapy Engensis, Korea's Helixmith concludes that these stemmed from clinical operation issues. As a result, it admits a failure to meet the primary endpoint but is still moving forward with new trials given signals of efficacy and safety in an extended study.
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