Larimar surges on plan to resolve clinical hold on rare disease drug

Hanall Biopharma

12/08/2022 12:40

** Shares of Larimar Therapeutics  LRMR.O  jump ~41% to
$2.78 before the bell
    ** Late on Thursday, biopharma co spelled out its plan to
resolve the current regulatory clinical hold on its experimental
drug, CTI-1601  urn:newsml:reuters.com:*:nGNX7D23fPc
    ** Says, as a result of its meeting with the U.S. Food and
Drug Administration, it intends to propose a 4-week dose
exploration mid-stage study for CTI-1601 
    ** Says new study to provide data on extended dosing of
lower doses of CTI-1601 and additional data on safety and
tolerability of the drug 
    ** The drug is a potential treatment of Friedreich's ataxia
(FA), a rare inherited disease causing progressive nervous
system damage and movement problems 
    ** FDA had put LRMR's early-stage trial for CTI-1601 on hold
last year, following notification of mortalities that occurred
at highest dose levels in a non-human primate study  urn:newsml:reuters.com:*:nL3N2ND2HO
    ** Co says with cash and marketable debt securities of $54.9
mln, as of June 30, it has enough to see it through Q3 2023
    ** Up to last close, stock down ~82% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))