Galera Therapeutics sinks after FDA declines to approve inflammation drug

Galera Therapeutics

10/08/2023 09:57

** Shares of Galera Therapeutics  GRTX.O  fall 81.7% to
$0.41 premarket  
    ** 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
    ** Up to last close, stock up 50% YTD 

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