Galera shares plummet 69% after drug fails in late-stage trial

Galera Therapeutics

19/10/2021 18:56

** Galera Therapeutics Inc's shares  GRTX.O  down 69% at
$2.27 - top pct loser on Nasdaq Composite index  .IXIC  and set
for worst day on record
    ** GRTX hit a record low of $1.96 earlier in the session
    ** GRTX says its lead drug Avasopasem failed to meet primary
endpoint of reduction in radiotherapy-induced severe oral
mucositis in late-stage trial  urn:newsml:reuters.com:*:nFWN2RF04S
    ** More than 26 million shares traded, the highest on record
for GRTX since it went public in November 2019 
    ** Brokerage BTIG says lack of significance at the primary
endpoint creates a high barrier for acceptance by regulatory
authorities, despite material unmet need in the population;
downgrading GRTX to 'neutral' from 'buy', and removes PT
    ** Including session's losses, stock had slumped 78% YTD
compared with a 17% increase in the Nasdaq Composite index

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com;))