Pardes Biosciences to suspend COVID-19 drug development after mid-stage trial fails (updated)

Pardes Biosciences

03/04/2023 13:35

(Adds details, background)
       April 3 (Reuters) - Pardes Biosciences Inc  PRDS.O  said
on Monday it will suspend further clinical development of its
experimental antiviral treatment pomotrelvir, after the drug
failed a mid-stage trial for treating COVID-19, and will 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, but it could not achieve
below-the-limit detection for infectious SARS-CoV-2 on day three
when compared to a placebo a proportion of participants,
according to the company. 
    Based on the study results, the company said it initiated a
review of a range of strategic alternatives that may include an
acquisition or merger, among others.  
    The company's shares down nearly 23% at $1.02 in premarket
trade. 

 (Reporting by Raghav Mahobe in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Raghav.Mahobe@thomsonreuters.com;))