Angion set to hit record low as kidney injury therapy fails to meet main goal

Elicio Therapeutics

10/12/2021 13:20

** Shares of drug developer, Angion Biomedica Corp  ANGN.O 
down ~21% at $2.77 premarket; set to open at an all-time low
    ** Stock among top percentage losers across U.S. exchanges
and set for worst day in more than a month 
    ** Co's lead drug candidate, ANG-3777, being developed in
partnership with Switzerland-based Vifor Pharma AG  VIFN.S , did
not achieve main goal in a mid-stage study  urn:newsml:reuters.com:*:nBw559rDma
    ** The study evaluated ANG-3777 for treating patients
undergoing cardiac surgery involving cardiopulmonary bypass at
risk for developing acute kidney injury (CSA-AKI), a common and
serious postoperative complication after such procedures
    ** ANG-3777 did not achieve the main goal of showing better
performance of patient's kidneys in filtering waste from the
blood in a type of blood test 
    ** ANGN and VIFN continue to review data based on secondary
goal achieved by ANG-3777 which shows fewer patients treated
with the drug experience kidney failure as compared to those
administered placebo
    ** Up to Thursday's close, stock had fallen ~79% since its
debut on Feb. 5 
    

 (Reporting by Oishee Majumdar in Bengaluru)
 ((oishee.majumdar@thomsonreuters.com;))