Aclaris Therapeutics Suffers Clinical Trial Failure Resulting in Stock Plunge
Aclaris Therapeutics, a clinical-stage biopharmaceutical company, experienced a drastic drop in their shares, with a decline of over 85% during premarket trading on Monday. The sharp decrease followed the disappointing results of one of the company's key programs.
The company announced that it would be discontinuing the development of a drug candidate called zunsemetinib, as it failed to meet the primary targets in a Phase 2b study for moderate-to-severe rheumatoid arthritis. Additionally, Aclaris will be halting enrollment in a Phase 2a trial for zunsemetinib in psoriatic arthritis.
However, Aclaris remains focused on their other lead program, ATI-1777, which is currently undergoing a Phase 2b study for atopic dermatitis.
As of the end of September, Aclaris reported having $187 million in cash, equivalents, and marketable securities. They stated that these funds are expected to support the company's operations until the end of 2025.
The decline in Aclaris' shares has been significant, with the stock closing at approximately $4.76 on Friday. During premarket trading, the shares plummeted by 86% to 67.4 cents.
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