- Circassia Pharmaceuticals has revealed disappointing top-line results from its investigational cat allergy immunotherapy phase III study.

In the study, both treatment regimens and placebo greatly, and equally, reduced subjects' combined allergy symptom and rescue medication use score from baseline.

As a result of the very marked placebo effect the treatment did not meet the study's primary endpoint. The treatment was well tolerated with a highly favourable safety profile.

Circassia's chief executive Steve Harris said: "We are surprised and disappointed by these results. Such a dramatic placebo effect was not a feature of our earlier phase II studies. However, in this large-scale trial it eliminated the ability to identify a treatment effect despite dramatic improvements in subjects' allergy symptoms and rescue medication use. We will now rapidly analyse the full dataset, address the implications for our wider allergy pipeline and provide an update on the development plans for our broader business at our interim results.

"At the same time, we will continue to focus resolutely on our wider portfolio, rapidly growing the sales of our market-leading NIOX asthma management products and advancing our pipeline of respiratory products." At 1:11pm: [LON:CIR] Circassia Pharmaceuticals Plc Ord 0.08p share price was -173.55p at 96.75p

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