Failed Trial Pushed Aquinox Down almost 83% This Morning

Today, Aquinox (AQXP) announced that its late-stage investigational drug, the once-daily oral therapy rosiptor, failed to demonstrate a statistically significant benefit over placebo for IC (interstitial cystitis) or BPS (bladder pain syndrome) in the Phase 3 LEADERSHIP 301 clinical trial. Pursuant to this announcement, Aquinox stock crashed from $15.31 yesterday to $2.43 this morning. Aquinox may have to forego a $25 million of upfront payment, $60 million of development milestone payments, and $70 million of commercial milestone payments that it would have otherwise received based on its exclusive licensing agreement with Astellas Pharma.