Investors wondering why MoonLake Immunotherapeutics AG’s press release covering the Phase II findings on sonelokimab in psoriatic arthritis omitted the figures for the placebo group got their answer on a call today. The placebo response of 20% on the trial’s primary endpoint sorely hurt the IL-17 inhibitor’s apparent efficacy.
Key Takeaways
- Phase II trial succeeded, but placebo response was high
- Sonelokimab looks unremarkable compared with approved drugs with a similar mechanism
- Lack of a clear dose response on secondary endpoints means data are hard
That said, the Phase II ARGO trial still succeeded, with statistically significantly more patients treated with sonelokimab achieving an American College of Rheumatology (ACR) 50 response compared with those on placebo
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