Applied Therapeutics plummets after FDA declines to approve genetic disease drug

Applied Therapeutics

27/11/2024 21:59

** Shares of Applied Therapeutics  APLT.O  fall 80.3% to
$1.70 after the bell
    ** Company says the U.S. FDA declined to approve its drug to
treat galactosemia, a rare genetic metabolic disease
    ** The FDA's letter to the company said the marketing
application for the drug, govorestat, cannot be approved in its
current form, due to certain deficiencies - APLT
    ** Galactosemia can cause neurological complications,
including deficiencies in speech, cognition, behavior and motor
skills
    ** Up to last close, stock up more than double YTD

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))