BOURSE-Genfit denounces a "confusion" with the failure of Cymabay, the stock rises


The biotech company Genfit GNFT.PA is again on the rise on Wednesday at the Paris stock exchange after falling the day before in response to the failure of a clinical trial by its American competitor Cymabay CBAY.O on NASH

PARIS, June 12 (Reuters) – Genfit biotechnology company GNFT.PA is on the rise again on the Paris Stock Exchange after falling the day before in response to the failure of a clinical trial by its American competitor Cymabay CBAY.O on NASH.

At around 12:15, the Genfit stock regained 5.61% at 18.82 euros, the largest increase in the SBF 120. SBF120, down 0.71%.

The value lost 16.5% on Tuesday, the biggest drop in a session since March 2015, in the wake of the American Cymabay CBAY.O (-45.45%) which revealed disappointing results for a study in the treatment of liver disease of NASH.

Genfit develops its own elafibranor treatment against NASH and, like the Cymabay treatment with Seladelpar, turns to PPAR receptors.

In a letter sent to its shareholders tonight, Genfit nonetheless recalled that the comparison between the two files was not valid and deplored the "confusion" generated by the announcement of the Phase 2b data from Cymabay.

The main objective of the Cymabay study was to reduce the amount of fat in the liver, a criterion that the US group did not reach and which is not considered relevant by the regulatory authorities, says Genfit.

The regulatory approval is indeed based on the criterion of "resolution of NASH without aggravation of fibrosis", without considering steatosis, says Lille biotech.

In his letter, Genfit recalls that his treatment with the elafibranor reached this primary endpoint in his Phase 2b study.

For the analysts at Portzamparc, who remain on the purchase of Genfit, the decline of Tuesday's title is "unjustified".

"Elafibranor accuses the coup of a bad confrontation with the Seladelpar of Cymabay. Even if the two products (they are similar), the elafibranor intervenes in other ways of complementary actions", they write in a note.

"The data of Cymabay does not put into question those already published by Genfit, nor does it compromise those provided for in the RESOLVE-IT study between the end of 2019 and the beginning of 2020".

(Laetitia Volga, edited by Blandine Hénault)

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