Allena dives on scrapping lead drug development

Allena Pharmaceuticals

18/03/2022 22:49

** Shares of drug developer  ALNA.O  fall ~44% to $0.23 in
extended trading
    ** Co is terminating development of its lead drug,
reloxaliase, which was intended for treatment of enteric
hyperoxaluria, a metabolic disorder (https://bit.ly/3N1Bjjq)
    ** Enteric hyperoxaluria is characterized by high levels of
urinary oxalate, a natural end-product of body's metabolism; it
is commonly associated with kidney stones, chronic kidney
disease and other serious kidney disorders
    ** Reloxaliase was being tested in the first of two planned
late-stage trials, with the main goal of assessing effect of the
drug vs placebo on the reduction of urinary oxalate levels 
    ** Co is terminating the study as "likelihood of success for
the long-term goal of reduction in kidney stone disease
progression is lower than expected"
    ** No further clinical studies of reloxaliase are planned at
this time and the company will now focus on ALLN-346, its
treatment candidate for excess uric acid in blood 
    ** Stock lost 18.35% this year, as of last close

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))