Tobira Therapeutics (TBRA) shares have slumped in early trading today after the company announced that its lead product candidate cenicriviroc (CVC) failed to achieve its primary endpoint of a two-point reduction in NAFLD Activity Score in a Phase 2b clinical trial, CENTAUR, in patients with non-alcoholic steatohepatitis (NASH). The study did show a clinically and statistically significant improvement in fibrosis of at least one stage without worsening of NASH, a secondary endpoint, after one year of treatment (p=0.02). Management intends to meet with regulators later this year to discuss the design of a Phase 3 trial.