Shares of Proteon Therapeutics Inc. plummeted 71% toward a record low in premarket trade Tuesday, after the company said a phase 3 trial of its treatment for chronic kidney disease failed meet the primary endpoint. The company said, however, that results for the secondary endpoint suggested that vonapanitase may improve secondary patency compared with placebo. “We are disappointed that the study missed the primary endpoint,” said Chief Medical Officer Steven Burke. “However, it appears that vonapanitase had a drug effect and we are encouraged by the secondary patency and fistula use for hemodialysis findings in this trial, both of which we believe are clinically important.” The stock recently changed hands at $2.90 ahead of the open, below the previous regular-session record intraday low of $4.90 on June 23, 2016. The stock went public on Oct. 22, 2014 at an initial public offering price of $10. The stock had plunged 36% year to date through Monday, while the iShares Nasdaq Biotechnology ETF has shed 21% and the S&P 500 has gained 10%.
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