Sarepta shares slump after reports of third patient death this year
The patient was enrolled in an early-stage study testing Sarepta's gene therapy to treat a condition called limb-girdle muscular dystrophy, according to a Bloomberg report, which cited a company spokesperson. STAT news reported that the patient was a 51-year-old man who died last month from acute liver failure.
Two teenage boys, who couldn't walk independently, died earlier this year from liver failure after they received Sarepta's gene therapy Elevidys, approved to treat a rare condition called Duchenne muscular dystrophy.
Sarepta and the Department of Health and Human Services did not immediately respond to a Reuters request for comment outside of their business hours.
The fatalities have brought Sarepta under heightened regulatory scrutiny, and cast doubts on the safety and future demand for Elevidys.
William Blair analyst Sami Corwin said this could amplify patient hesitancy to use Elevidys and increase investor distrust since Sarepta did not disclose the latest fatality on a call earlier this week.
The company said on Wednesday it had halted development of several gene therapies for limb-girdle muscular dystrophy, a group of genetic disorders that primarily weaken the hip and shoulder muscles.
Sarepta had also said it planned to present mid-stage data for its gene therapy, SRP-9003, for the disorder later this year, which will be included in its marketing application to the U.S. Food and Drug Administration.
Corwin added the news of the third patient death could also lead to greater scrutiny over the safety of SRP-9003.
Sarepta plans to cut 500 jobs and add a serious warning on the label of Elevidys for the risk of acute liver injury and liver failure in DMD patients who can walk.
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