Angion ending kidney drug trial threatens lung disease therapy program- analysts

Elicio Therapeutics

30/06/2022 12:25

** Brokerage Oppenheimer and Cowen say the discontinuation
of Angion Biomedica's  ANGN.O  trial of its drug candidate,
ANG-3070, among kidney disease patients could also pose risk to
the drug's development for a type of chronic lung disease
    ** ANGN late on Wednesday said it was discontinuing its
mid-stage kidney disease treatment trial given safety concerns
and an analysis of data which did not detect any early treatment
effect  urn:newsml:reuters.com:*:nGNXc2bTc4
    ** Cowen ("outperform") says it expects the potential of
ANG-3070 in idiopathic pulmonary fibrosis (IPF)- a condition
affecting lung tissues- to be called into question, leaving its
pipeline with only preclinical drug candidates
    ** Oppenheimer says safety could remain an overhang for the
IPF program and cautions that there could be a risk of the
company winding down and returning capital; rescinds its $8 PT
on the stock given uncertainty regarding the company's future
plans
    ** ANGN on Wednesday said it expects to report cash and cash
equivalents of greater than $60 mln at the end of Q2
    ** Stock had fallen 41% YTD, as of the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))