By Colin Kellaher
Praxis Precision Medicines shares lost more than a third of their value on Friday after the clinical-stage biopharmaceutical company suffered a setback in its late-stage studies of its ulixacaltamide drug candidate for adults with essential tremor.
Shares of the Boston company were recently changing hands at $40.95, down 37%.
Praxis on Friday said an independent data monitoring committee determined that one of two Phase 3 studies of ulixacaltamide is unlikely to meet its primary efficacy endpoint under the parameters set by the statistical model and recommended that the study be stopped for futility.
However, Praxis said it will continue both studies to completion, given their advanced state of enrollment. The company said it expects topline results from the studies in the third quarter, and that it will explore different analysis methods for the final dataset.
Praxis said it will make a decision about whether the data supports seeking Food and Drug Administration approval of the drug after it analyzes the final results for the two studies.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 28, 2025 10:26 ET (15:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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