Aquinox to stop development of bladder pain drug; shares slump

[June 27, 2018] (Reuters) - Aquinox Pharmaceuticals Inc said on Wednesday it planned to stop developing its lead drug to treat bladder pain syndrome as it failed to meet the main goal of a late-stage trial, sending its shares down 12.1 percent before the bell.

The treatment, rosiptor, failed to show statistically significantly reduction in bladder pain, the company said.

"We will be undertaking a thorough evaluation of our pipeline and other strategic options available to the company," Chief Executive Officer David Main said in a statement.

Bladder pain syndrome, or interstitial cystitis, is a chronic condition characterized by bladder pressure, bladder pain and pelvic pain.

About 5.5 million adults in the United States suffer from symptoms consistent with bladder pain syndrome, the company said.

(Reporting by Manas Mishra and Sharnya G in Bengaluru; Editing by Shounak Dasgupta)

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