AN2 Therapeutics plunges on termination of lung disease trial

AN2 Therapeutics

09/08/2024 16:25

** Shares of drug developer AN2 Therapeutics  ANTX.O  fall
60.9% to $1.06, lowest since stock's debut in 2022 
    ** Late on Thursday, ANTX said it will stop mid-stage and
late-stage portions of the trial testing its experimental lung
disease drug, epetraborole 
    ** At least two brokerages downgrade co's rating 
    ** Co said a secondary goal, which testes the efficacy of
the drug, was not met 
    ** In February, co voluntarily paused enrollment in a
late-stage portion of the mid- to late-stage study after the
analysis showed potentially lower-than-expected efficacy
    ** ANTX plans restructuring and cost savings associated with
discontinuation of the study, which is expected to extend cash
runway through 2027
    ** ANTX to terminate about 50% of its workforce, which is
expected to be substantially complete by the end of 2024
    ** As part of the restructuring, Paul Eckburg, co's chief
medical officer, will leave the company effective Aug 30
    ** Including session's moves, stock down 94.8% YTD 

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