Aerovate at record low after scrapping lung condition drug trial

Jade Biosciences

17/06/2024 15:20

(Updates)
    ** Shares of Aerovate  AVTE.O  sink ~91% to a record low of
$2.25
    ** Says it will halt enrollment and shut down the late-stage
trial of its lung disease drug after it failed to meet main goal
in mid-stage study
    ** Drug developer was studying its lead drug, AV-101, a dry
powder inhaled formulation of imatinib, in adults with pulmonary
arterial hypertension (PAH) in a mid-to-late-stage trial
    ** PAH is characterized by high blood pressure in the
arteries of the lungs
    ** In the mid-stage study, the drug did not meet its main
goal of improving blood flow from the lung to heart compared to
placebo 
    ** Clearly, this is a worst-case scenario for AVTE shares -
Brokerage Wedbush
    ** AVTE plans to release full data from the mid-stage trial
at a later date, the timing of which is to be determined
    

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))