AEON Biopharma falls as drug to prevent migraine fails study

Aeon Biopharma

03/05/2024 12:44

** Shares of drug developer AEON Biopharma  AEON.A  fall
45.8% to $1.82 premarket 
    ** Co says its experimental drug to prevent chronic migraine
did not meet the main goal of a mid-stage study 
    ** AEON says drug did not achieve statistical significance
in reducing monthly migraine days over a period of 13-14 weeks
compared to placebo  
    ** Drug also did not achieve statistical significance in
secondary goals of the study 
    ** Co to determine next steps in developing the drug and
says "has immediately commenced cash preservation measures and
will review all strategic options"
    ** Up to last close, stock was down 53.3% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))