Pardes Bio falls as COVID-19 drug fails mid-stage trial

Pardes Biosciences

03/04/2023 14:58

** Shares of drug developer Pardes Biosciences  PRDS.O  fall ~13% to $1.15  
    ** Co says its experimental antiviral treatment for COVID-19, pomotrelvir, failed in a
mid-stage trial 
    ** PRDS says it will suspend further clinical development of the drug and explore strategic
alternatives which may include a sale of the company 
    ** The drug was being studied as a potential treatment of patients with mild-to-moderate
COVID-19 
    ** Stock down ~32% this year

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