NEW YORK (AP) -- Tolerx Inc. and GlaxoSmithKline PLC said Friday their potential diabetes drug failed to meet its goal in a late-stage study.
The companies are studying otelixizumab as a potential treatment for patients with Type 1 diabetes. In Type 1 diabetes, the autoimmune system destroys insulin producing cells, making it necessary for patients to receive insulin boosts. The condition is fatal if not treated with insulin.
Type 2 diabetes is more common and involves the body not being able to properly use the insulin it produces.
The companies have suspended a similar late-stage study on the drug, pending review of the failed study.
"While we are disappointed in the DEFEND-1 (study) results of otelixizumab, we remain committed to the development and commercialization of the candidates in our pipeline, each of which has a distinct mechanism and target for correcting abnormal immune responses," said Douglas J. Ringler, president and CEO of Tolerx, in a statement.
Tolerx is a privatel held biotechnology company based in Cambridge, Mass.
Shares of U.K.-based GlaxoSmithKline rose 26 cents to $38.65 in afternoon trading.