Satsuma Pharma slumps as migraine drug fails late-stage study

Satsuma Pharmaceuticals

14/11/2022 18:33

(Updates)
    ** Shares of Satsuma Pharmaceuticals Inc  STSA.O  slump
84.3% to a record low of 64 cents
    ** Drug developer says its experimental migraine drug,
STS101, did not meet the main goals in a late-stage study 
    ** The goals included freedom from pain and "most bothersome
symptom" at two hours post-administration
    ** Says it does not plan to invest in commercializing the
drug and will actively explore alternatives to minimize its cash
expenditures  urn:newsml:reuters.com:*:nL4N32A35O
    ** STSA says it had $59.4 million in cash and equivalents as
of Oct. 31
    ** Including session's losses, stock down ~86% YTD
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))