Galera Therapeutics hits record low after FDA declines to approve inflammation drug

Galera Therapeutics

10/08/2023 18:27

(Updates)
    ** Shares of Galera Therapeutics  GRTX.O  slump 84% to $0.36
to hit record low   
    ** Co late on Wednesday said the U.S. Food and Drug
Administration (FDA) declined to approve its drug to treat a
type of oral inflammation
    ** It says FDA has asked for an additional trial as it was
not convinced with the effectiveness and safety of co's
experimental drug, avasopasem, in reducing severe oral mucositis
    ** Avasopasem was being developed to treat
radiotherapy-induced severe mouth inflammation in patients with
advanced head and neck cancer undergoing standard-of-care
treatment -GRTX
    ** GRTX said it would explore strategic alternatives,
including partnerships, for the continued development of the
drug
    ** Including session's move, stock down 76.1% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))