Satsuma Pharma slumps as migraine drug fails late-stage study

Satsuma Pharmaceuticals

14/11/2022 12:36

** Shares of drug developer Satsuma Pharmaceuticals Inc
 STSA.O  slump 78% to 89 cents before the bell
    ** Co says its experimental migraine drug, STS101, did not
meet main goals of freedom from pain and "most bothersome
symptom" at two hours post-administration in a late-stage study 
    ** Says it does not plan to invest in commercializing the
drug and will actively explore alternatives to maximize value
for shareholders
    ** STSA says cash and equivalents as of Oct. 31 at $59.4
million
    ** Up to Friday's close, stock down 10% YTD
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))