Shares of Neurocrine Biosciences (NBIX) are sliding after the Food and Drug Administration’s Adverse Events Reporting System was updated with new quarterly data, showing 77 death cases identified for the company’s Ingrezza among 445 serious cases in 2018.
SERIOUS CASES IDENTIFIED FOR INGREZZA: The FDA’s FAERS website, which appears to have been updated recently with quarterly data through September 30, shows 77 death cases identified for Neurocrine Biosciences’ Ingrezza among 445 serious cases in 2018, compared with 11 fatalities and 96 serious cases last year. The FDA website, however, carries a cautionary note that there is no certainty the events reported to its database are due to the product in question. FAERS data does not confirm causality.
Commenting on the data, Neurocrine Biosciences’ representative Navjot Rai said the company does not believe there is any association between the use of Ingrezza and the casualties reported on FAERS, Bloomberg reported. “We remain confident in our products and our pipeline, as well as Neurocrine’s prospects for continued growth and value creation,” Rai said. Ingrezza is a prescription medicine used to treat adults with tardive dyskinesia.
PRICE ACTION: In afternoon trading, shares of Neurocrine Biosciences have plunged more than 11% to $88.45.
