First Wave falls as genetic disorder drug 'likely' to fail in study

GridAI Technologies

13/07/2023 13:07

** Shares of First Wave BioPharma  FWBI.O  fall 35.5% to
$0.86 premarket 
    ** Co cites preliminary data to say its experimental drug
being tested to treat pancreatic problems associated with a type
of genetic disorder is "likely" to fail to achieve the main goal
in a mid-stage study
    ** FWBI is evaluating the drug, adrulipase, as a potential
treatment for a type of pancreatic disorder associated with
cystic fibrosis
    ** Cystic fibrosis is an inherited disease characterized by
the buildup of mucus causing progressive damage to the
respiratory system and chronic digestive system problems     
    ** Co expects to report additional findings on primary and
secondary goals in about eight weeks
    ** FWBI plans to meet with the U.S. FDA to review data from
the study in the fourth quarter of 2023
    ** Up to last close, stock was down 78% YTD 

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