Angion Biomedica falls as kidney disease drug trial discontinued

Elicio Therapeutics

29/06/2022 23:21

** Drug developer Angion Biomedica Corp's  ANGN.O  shares
down ~24% at $1.30 after market
    ** Company discontinues mid-stage trial of ANG-3070, its
kidney disease treatment drug  urn:newsml:reuters.com:*:nGNXc2bTc4
    ** Trial being discontinued due to concerns around patient
safety after reassessment of risk/benefit profile of the drug,
Angion says
    ** Company says reassessment conducted after patient in
trial's treatment arm showed unexpected and substantial decline
in kidney function
    ** Angion expects to report cash and cash equivalents over
$60 mln at Q2-end
    ** As of last close, company's shares down ~41% YTD

 (Reporting by Vansh Agarwal)
 ((Vansh.Agarwal@thomsonreuters.com))