Clene slumps as COVID treatment fails in mid-stage study

Clene

27/12/2022 21:32

** Shares of drug developer Clene  CLNN.O  fall ~20% to 81
cents after the bell
    ** CLNN says its investigational COVID-19 treatment,
CNM-ZnAg, did not meet the main goal in a mid-stage trial
    ** Co says its drug did not show any clinical benefit,
compared with placebo in non-hospitalized acutely symptomatic
COVID patients 
    ** Adds that drug was safe and well tolerated and may have
potential as treatment for other antiviral and antibacterial
indications 
    ** CLNN said it will stop further development of CNM-ZnAg as
a potential treatment for COVID, and focus on the development of
its lead asset ‍CNM-Au8​
    ** As of Tuesday's close, CLNN down ~75% this year 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))