Gossamer Bio hits record low on disappointing heart-lung disorder drug data

Gossamer Bio

06/12/2022 15:28

** Shares of Gossamer Bio Inc  GOSS.O  tumble as much as
68.7% to hit a record low of $2.90; among top three pct. losers
across U.S. exchanges
    ** Co's mid-stage trial of drug candidate seralutinib to
treat pulmonary arterial hypertension (PAH) met its main and
secondary goals, but fell short of analyst expectations
 urn:newsml:reuters.com:*:nBwYH3Gha
    ** PAH is a rare disorder affecting blood vessels in the
lungs and heart
    ** Patients in the experimental group had 14.3% reduced
pulmonary vascular resistance (PVR), or lung artery pressure,
than patients in the placebo group
    ** The experimental group was also able to walk 6.5 meters
more than the placebo group in six minutes
    ** However, SVB Securities analyst Joseph Schwartz notes the
results fell short of its expectations of 20%-30% PVR reduction
and 15-20 meter improvement, respectively
    ** Analyst adds GOSS' results were not as good as those from
a competing drug being developed by Merck & Co  MRK.N 
    ** "We expect the street to be disappointed in these topline
results" - SVB
    ** GOSS down 18% YTD through last close
 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))