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Kindred Bio stops developing canine atopic dermatitis drug

Reuters - UK Focus

Dec 3 (Reuters) - Pet drug developer Kindred Biosciences Inc (NasdaqCM: KIN - news) said it would stop developing its experimental atopic dermatitis drug, AtoKin, for dogs due to "the rapid uptake and success" of a recently launched rival product.

The company's stock fell 28 percent to $6.65 in extended trade on Wednesday.

Kindred identifies drugs that have already shown promise in humans and develops therapies based for dogs, cats and horses.

AtoKin is a beef-flavored, chewable drug - containing an active ingredient widely used by humans as an antihystamine - to treat canine atopic dermatitis, one of the most common causes of chronic itching.

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Last month, Dechra Pharmaceuticals Plc (LSE: DPH.L - news) launched its own treatment for the condition in the United Kingdom. (http://bit.ly/1yQYcuQ)

Kindred has decided to stop development of AtoKin and focus its resources on the rest of its pipeline, the company said in a statement on Wednesday.

One of the company's other drugs, CereKin, which was being developed to control pain and inflammation in dogs with osteoarthritis, failed a study in August.

Kindred's armory includes a plethora of experimental drugs, including SentiKin to treat postoperative pain in dogs and horses and KIND-013 for gastrointestinal disease in cats.

The Burlingame, California-based company's stock had lost nearly 40 percent of its value since Aug 20., when it announced the failed CereKin study. (Reporting by Natalie Grover in Bengaluru; Editing by Savio D'Souza)