By Adriano Marchese
AnaptysBio shares plummeted in premarket trading Wednesday after the company said it will discontinue its dermatitis treatment after the drug failed to meet its targets in recent trials.
Shares fell over 39% to $14 ahead of the morning bell.
The clinical-stage biotechnology company said its investigational drug ANB032 didn't meet either primary or secondary endpoints in its 201-patient Arise-AD trial as a therapy for atopic dermatitis, often referred to as eczema.
Atopic dermatitis is a chronic disease that causes inflammation and irritation of the skin, often beginning at a young age.
"While ANB032 was safe and well tolerated, we're disappointed by these efficacy results in AD and will discontinue further investment in this asset," Chief Executive Daniel Faga said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 11, 2024 09:36 ET (14:36 GMT)
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