Applied Therapeutics falls after heart drug disappoints in late-stage trial
04/01/2024 21:44
* Shares of drug developer Applied Therapeutics APLT.O
fall ~38% to $2.34 after the bell
** Co's drug AT-001 was not statistically significant when
compared to placebo in a late-stage trial in patients with
diabetic cardiomyopathy at high risk of heart failure
** The main goal of the study was stabilization or
improvement in cardiac function
** While a trend favored active treatment, the difference
between the active- and placebo-treated groups was not
statistically significant - APLT
** Diabetic cardiomyopathy, which develops in diabetic
patients in the absence of coronary artery disease and
hypertension, is a major cause of heart failure
** APLT says the study's full results will be presented at
an upcoming medical conference
** It plans to focus on identifying partnerships to take
AT-001 to patients
** Shares rose ~340% in 2023
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))