First Wave plunges as genetic disorder drug may fail mid-stage study

GridAI Technologies

13/07/2023 17:32

(Updates)
    ** Shares of First Wave BioPharma  FWBI.O  drop as much as
41% to hit a record low of 79 cents
    ** Stock, last down ~30%, will see its worst daily pct
decline in more than a year, if losses hold 
    ** Co says its experimental drug for pancreatic problems
associated with a type of genetic disorder is "likely" to fail a
mid-stage study, based on preliminary data
    ** FWBI is evaluating the drug, adrulipase, as a potential
treatment for a type of pancreatic disorder associated with
inherited disease cystic fibrosis 
    ** Says it is assessing the data from the trial and expects
to report additional findings on the main and secondary goals in
about eight weeks
    ** Adds that it plans to meet with the U.S. FDA to review
the study data in Q4 this year 
    ** Including session losses, stock down ~85% YTD 

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