Neurogene not to proceed with gene therapy for Batten disease; shares drop

Neurogene

11/11/2024 21:31

** Shares of therapy developer Neurogene  NGNE.O  fall 46.9%
to $37.99 aftermarket
    ** Co says it does not expect to move forward with the
development of its gene therapy for Batten disease 
    ** Says the decision was made after the FDA denied co's
Regenerative Medicine Advance Therapy (RMAT) application to the
FDA for the gene therapy 
    ** A therapy is eligible for RMAT designation if it is used
for treating a serious or life-threatening disease or condition
and if preliminary clinical evidence shows the therapy has
potential to address unmet medical needs
    ** Co says it is currently evaluating options for the
developmental program
    ** Batten disease is a rare, inherited, and fatal disorder
that affects the nervous system
    ** Up to last close, stock up more than double YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))