A tiny biotech racks up another PhIII fail, crippling its share price

Close to 3 years after tiny Belgian biotech Bone Therapeutics crashed on the Phase III failure of its treatment for osteonecrosis, it’s back with another pivotal flop.

This time the Phase III failure is for their “viscosupplement” JTA-004 for osteoarthritis, which went down on the primary and both secondary endpoints. The primary endpoint was a reduction in knee pain at 3 months compared against a placebo.