Context Therapeutics Inc down on dropping development of lead drug

Context Therapeutics

23/03/2023 11:18

** Shares of drug developer Context Therapeutics Inc
 CNTX.O  fall 8.05% to $0.61 premarket
    ** Co decides to discontinue development of its lead drug
ONA-XR and it will no longer focus primarily on cancers among
women
    ** Co says a mid-stage study evaluating the drug in
combination with anastrozole found elevated liver function tests
(LFT) in three patients, including one who discontinued
treatment
    ** There would be significant incremental program costs and
delays to mitigate future LFT abnormalities - CNTX
    ** Co to focus on development of bispecific antibody
CTIM-76, which is in preclinical stage
    ** Brokerage H.C. Wainwright & Co downgrades stock to
"neutral" from "buy" as CNTX no longer has any clinical programs
and CTIM-76 will not enter the clinic until 2024
    ** Co lost ~75% in 2022
    

 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))