Why Shares Of Chimerix Were Halted

Shares of Chimerix Inc (NASDAQ: CMRX) were halted at around 7:25 a.m. ET on Monday.

Chimerix, a biopharmaceutical company that develops antivirals in areas of high unmet medical need, announced in a press release that a Phase 3 study for its SUPPRESS of brincidofovir in patients undergoing hematopoietic cell transplantation (HCT) did not achieve a primary endpoint for the prevention of clinically significant cytomegalovirus (CMV) infection through Week 24 after transplant.

Chimerix noted the study failed to achieve its endpoint due to confirmed cases of graft-versus-host-disease, which resulted in a significantly higher use of corticosteroids than in the control arm.

Shares of Chimerix were indicated to re-open for trading at 8:00 a.m. ET.

"While we are clearly disappointed in the top-line results from SUPPRESS, we remain committed to better understanding the full data set as we consider potential paths forward for brincidofovir," said M. Michelle Berrey, M.D., MPH, President and CEO of Chimerix. "With a strong cash position, an experienced leadership team, and brincidofovir patent exclusivity through 2034, we continue to believe there is a viable path forward for the development of brincidofovir."

Prior to the trade halt, shares of Chimerix had lost 11.65 percent since the start of 2015.