Aclaris Therapeutics falls after delay on skin disease drug data

Aclaris Therapeutics

20/12/2023 16:15

** Shares of Aclaris Therapeutics  ACRS.O  fall 14.6% to
$0.87 in morning trade
    ** Late Tuesday, co said it will now report mid-stage study
data on its experimental drug ATI-1777 evaluating it as a
potential treatment for a skin disease in January vs previous
expectations of year-end
    ** Co also said it was assessing the path to developing its
other experimental skin disease drug ATI-2138 due to "the
evolving competitive landscape within ulcerative colitis"
    ** Separately, co approved a plan to reduce its workforce by
approximately 46%; it had 105 employees as of Dec last year
    ** Drug developer expects the reduction to begin immediately
and to be complete by June 30, 2024
    ** Stock has fallen ~80% since Nov 13 as ACRS discontinued
development of another drug candidate ATI-450 in rheumatoid
arthritis after it failed to meet its primary or secondary goals
in a mid-stage trial
    ** Including session's loss, stock down 94.6% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))