BioCryst Discontinues BCX9930 Development; Sees Positive Near-term Financial Impact

(RTTNews) - BioCryst Pharmaceuticals, Inc. (BCRX) Thursday said it is discontinuing the development of BCX9930 as it no longer believes to be commercially competitive. The decision will have a positive near-term financial impact for the company.

Further, the company will now fully focus its complement inhibitor development efforts on BCX10013, a potential once-daily, oral Factor D (alternative pathway) inhibitor currently in clinical development.

The company also plans to pursue additional oral compounds for multiple targets across other complement pathways.

The decision to discontinue the development of BCX9930 was based on new competitive data recently presented at the American Society of Hematology annual meeting.

The company said the patients benefiting from BCX9930 in the clinical program may remain on therapy. As the program advances, these patients will be offered an opportunity for access to BCX10013.

BioCryst expects to report preliminary data from healthy volunteers receiving single ascending doses and multiple ascending doses of BCX10013 in the first quarter of 2023.

BioCryst said the decision to discontinue the BCX9930 program will have a positive near-term financial impact for the company. The pause in the program earlier this year allowed the company to reduce 2022 operating expense guidance by approximately $100 million, primarily from reduced research and development or R&D expenses.

The company now expects that 2023 R&D expenses will be similar to 2022 R&D expenses as the company focuses its investment on BCX10013 and its other complement programs. The company plans to provide full year 2023 operating expense guidance in the first quarter of 2023.

In pre-market activity on Nasdaq, BioCryst shares were losing around 10 percent to trade at $10.10.

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