Imperial Innovations (IVO) portfolio company Circassia has announced that its Phase III cat allergy study did not meet the primary endpoint. Both placebo and treatment arm demonstrated a significant reduction in symptoms and combined score, but the strength of the placebo response resulted in no statistically significant differences between either arm. While the allergy pipeline is being reassessed, Circassia’s broader business strategy (NIOX and respiratory franchises) remains unchanged. At 31 January IVO has a 9.3% interest in Circassia’s issued share capital.