Reata Pharma slumps as FDA staff raises concerns over kidney drug safety, efficacy

Reata Pharmaceuticals

06/12/2021 16:37

** Shares of drug developer  RETA.O  slide 36% to $50.5; set
for their worst day ever
    ** Stock among top pct loser across U.S. exchanges 
    ** U.S. FDA raises concerns about safety and efficacy of
co's drug candidate, bardoxolone, ahead of advisory panel
meeting on Wednesday 
    ** RETA's drug is to treat chronic kidney disease caused by
Alport syndrome (AS), a genetic condition characterized by
kidney disease, hearing loss, and eye abnormalities
    ** FDA says its review team does not believe the submitted
data demonstrate that bardoxolone is effective in slowing the
loss of kidney function in patients with AS and reducing the
risk of progression to kidney failure
    ** SVB Leerink analyst Joseph Schwartz says the FDA staff
raise some hard questions and the conclusion appears negative 
    ** Stock, including the session's losses, has fallen ~60% 

 (Reporting by Dania Nadeem in Bengaluru)