Applied Molecular slumps as mid-stage study data on lead drug disappoints

Applied Molecular Transport.

06/07/2022 14:11

** Applied Molecular Transport's  AMTI.O  shares slump 42%
to a record low of $1.80 premarket 
    ** Co reports mid-stage study data for co's lead
investigational drug, AMT-101, in combination with approved drug
adalimumab was less effective overall in treating an
inflammatory bowel disease than adalimumab alone  urn:newsml:reuters.com:*:nGNX2b5rHw
    ** Adalimumab, sold by AbbVie  ABBV.N  as Humira, already
has cheaper biosimilar copies in Europe, while those in U.S. are
expected next year when Humira loses patent protection there
 urn:newsml:reuters.com:*:nL3N2WR2K8
    ** "We did not anticipate the high rate of remission in the
adalimumab alone arm" - AMTI Chief Medical Officer Bittoo Kanwar
    ** However, the combination was more effective than
adalimumab alone when treating patients earlier in the course of
the disease, ulcerative colitis 
    ** Stock down 78% YTD, as of last close

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))