Aerovate plummets after co scraps late-stage trial of lung condition drug

Jade Biosciences

17/06/2024 14:27

** Shares of Aerovate  AVTE.O  sink ~91% to $2.26 premarket
    ** Co 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
    **  The drug developer was studying 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 
    ** Co plans to release full data from the mid-stage trial at
a later date, the timing of which is to be determined
    ** Up to last close, stock up ~9% YTD

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