By Colin Kellaher
Aclaris Therapeutics shares crumbled nearly 90% and hit an all-time low after the clinical-stage biopharmaceutical company threw in the towel on its most advanced program.
Shares of the Wayne, Pa., company were down 87% on Monday to 60.7 cents after touching an all-time low of 59 cents earlier in the session.
The decline leaves Aclaris with a market capitalization of around $43 million, less than a quarter of the $187 million in cash, equivalents and marketable securities the company held at the end of September.
Aclaris said it is ending development of zunsemetinib after the drug candidate failed in a Phase 2b study in moderate-to-severe rheumatoid arthritis.
The company said it saw no notable differentiation between zunsemetinib and placebo across any measures of efficacy at week 12 of the study, adding it is stopping enrollment in a Phase 2a study of the drug in psoriatic arthritis.
The move leaves ATI-1777, currently in a Phase 2b study in patients with mild, moderate or severe atopic dermatitis, as Aclaris’ lead clinical asset.
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