Aclaris hits record low after scrapping rheumatoid arthritis drug development

Aclaris Therapeutics

13/11/2023 16:08

(Updates)
    ** Aclaris Therapeutics' shares  ACRS.O  fall 86.9% to hit
all-time low of 62 cents
    ** Co says it will stop development of its rheumatoid
arthritis drug zunsemetinib after it failed to meet its primary
or secondary goals in a mid-stage trial
    ** ACRS will also halt enrollment in an ongoing mid-stage
trial studying the drug in psoriatic arthritis 
     ** No notable differentiation between zunsemetinib and
placebo across any measures of efficacy at 12 weeks - co
    ** Brokerage BTIG slashes PT to $8 from $29
    ** Results are a negative surprise as the placebo arm
outperformed most other late-stage rheumatoid arthritis trials
and the zunsemetinib arms showed unexpectedly high
discontinuation rates - BTIG
    ** Stock down ~96% YTD

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