By Unfortunately, the continuous evolution of the virus has rendered sotrovimab obsolete. Like many other biopharma companies that experienced a surge in revenue during the pandemic, Vir is now on the hunt for the next groundbreaking innovation. As of the close of trading on Wednesday, its shares were down 8.9% since the beginning of this year and 24% over the past 12 months. Analysts predict a drop in revenue to $188.8 million by 2023, according to FactSet.
Vir had pinned its hopes on a monoclonal antibody called VIR-2482, which aimed to provide superior protection against influenza compared to standard flu vaccines known for their ineffectiveness. VIR-2482 specifically targeted influenza A viruses, which are responsible for more severe illness, while excluding influenza B viruses. The company had set a target efficacy rate of 70%.
The spotlight is now on Vir as they continue their pursuit of the next breakthrough.
Major Setback for VIR-2482 in Influenza Treatment
In an unfortunate turn of events, a recent major test of the drug VIR-2482 has yielded disappointing results, as announced by the company on Thursday. The trial, which involved approximately 3,000 adults, revealed that the reduction in influenza A illness among patients who received a high dose of VIR-2482 was a mere 16%, falling short of statistical significance. Patients who received a low dose experienced an even lower reduction rate of 3.8%.
Interestingly, when a less-stringent definition of flu was used to measure results, the reduction in influenza A illness among the high-dose group reached 57%. However, Vir, the pharmaceutical company behind the drug, did not offer an explanation for this discrepancy or confirm whether the 57% reduction was statistically significant.
Despite these disappointing topline data, Vir’s chief medical officer and interim head of research, Dr. Phil Pang, remains hopeful. He emphasized the need for further analysis to fully comprehend these outcomes and expressed plans to present the findings at a major medical congress in the near future.
Aside from the development of VIR-2482, Vir is actively working on treatments for hepatitis D. The company also revealed in its recent statement that they are in the process of developing a different monoclonal antibody called VIR-291. This new antibody aims to provide protection against both influenza A and influenza B viruses.
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