9 Meters Biopharma falls on delay of late-stage trial, CEO resignation

9 Meters Biopharma

30/05/2023 17:12

** Shares of drug developer 9 Meters Biopharma Inc  NMTR.O 
fall 17.6% to $0.66
    ** Following further consideration of feedback received
previously from the U.S. FDA, co plans to conduct an additional
mid-stage trial of its drug, vurolenatide, instead of previously
planned late-stage study
  ** Adds will update on the initiation of the timing of the
mid-stage trial, pending additional funding
    ** Adds that the board of directors has accepted the
resignation of John Temperato as president and CEO effective
immediately
    ** Vurolenatide is being studied for short bowel syndrome, a
rare syndrome related to poor absorption of nutrients
    ** Brokerage William Blair expects a two-year delay in the
launch of vurolenatide
    ** As of the end of Q1, the company held unrestricted cash,
cash equivalents, and marketable securities of $6.9 million,
which at the recent burn rate will fund operations for one
quarter- brokerage
    ** Stock down ~46% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))