FibroGen hits record low after lung disease treatment fails in late-stage trial

Kyntra Bio

26/06/2023 16:01

(Updates)
    ** Shares of FibroGen  FGEN.O  plunge ~82% to hit record low
at $2.91
    ** Co says its experimental drug to treat a type of lung
disease failed to meet its main goal in late-stage study 
    ** FGEN plans to discontinue a second late-stage trial on
the drug for treating idiopathic pulmonary fibrosis (IPF) 
     ** IPF is a chronic disease, characterized by a progressive
and irreversible decline in lung function
    ** "We believe that the stock will likely trade below cash
given the lack of visibility on cash flow extension strategies
and the early-stage nature of pipeline assets," William Blair
analyst Andy Hsieh wrote in a note  
    ** Including session's move, stock down ~81% YTD

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