SPARC plunges 15% as Baclofen GRS fails to meet primary end points in phase III study

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Shares of Sun Pharma Advanced Research Company (SPARC) plunged nearly 15 percent intraday Monday as the company did not meet the primary end points in the placebo controlled studies of Baclofen GRS.

"The pivotal phase III studies of Baclofen GRS for treatment of spasticity in patients with multiple sclerosis did not meet the primary end point in placebo controlled studies," company said in release.

Baclofen GRS is a novel, once-a-day formulation developed by SPARC’s proprietary Gastro-Retentive System (GRS) Technology.

The GRS technology uses a combination of size expansion, adhesion and flotation techniques to permit once-a-day administration.

Anil Raghavan, CEO, SPARC said, "We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps."

"We thank all the patients, investigators and caregivers whose hard work has contributed important information to the Baclofen GRS program." he added.

At 10:42 hrs Sun Pharma Advanced Research Company was quoting at Rs 356.80, down Rs 32.55, or 8.36 percent on the BSE.