FibroGen to discontinue late-stage trial of treatment for idiopathic pulmonary fibrosis, cut costs to extend cash runway to 2026

FibroGen Inc.
FGEN,
-4.06%
said Monday it is discontinuing a late-stage trial of a treatment for idiopathic pulmonary fibrosis after it failed to meet its main goal. The San Francisco-based biotech said it would implement a cost-cutting program to extend its cash runway into 2026. The Phase 3 trial of pamrevlumab compared it with placebo but did not meet the primary endpoint of change from baseline in forced vital capacity at week 48. The trial also failed to meet its secondary endpoint of time to disease progression. “We are deeply disappointed that these results do not support pamrevlumab as a new treatment for IPF,” said Dr. Mark D. Eisner, the company’s chief medical officer, in a statement. The stock was halted for the news but has gained 0.2% in the year to date, while the S&P 500
SPX,
-0.77%
has gained 13%.