Sienna Biopharma sinks after acne treatment fails two trials (updated)

Sienna Biopharmaceuticals

30/07/2018 15:18

* Lower chances of success in ongoing acne trial -Sienna 
    * Have sufficient cash into Q3 2019 - Sienna
    * Shares hit record low

 (Adds details from conference call, updates share movement)
    July 30 (Reuters) - Sienna Biopharmaceuticals Inc  SNNA.O 
said its lead experimental acne treatment failed to meet the
main goals of two pivotal trials and that the chances of it
clearing a third study appeared weaker, sending its shares
tumbling 19 percent.
    "The probability of success in the third acne trial
certainly seems lower in light of the first two data sets,"
Chief Executive Officer Frederick Beddingfield said on a
conference call with analysts.
    Results of the ongoing study on Sienna's topical treatment,
SNA-001, are expected in the fourth quarter, Sienna said.
    In the latest studies, SNA-001, when administered before
laser therapy to patients with moderate-to-severe acne vulgaris,
did not show an additional benefit in reducing inflammatory
lesions, when compared to those on the control arm of the study.
    Despite the latest setback, the company said it had
sufficient cash to continue ongoing trials over the next three
quarters and into the third quarter of 2019.
    As of March 31, Sienna had about $60 million in cash and
cash equivalent.    
    SNA-001 is also being separately tested to reduce unwanted
light-pigmented hair, but California-based Sienna noted the
mechanism for removing hair is "relatively straightforward"
compared to treating acne.  urn:newsml:reuters.com:*:nGNXbgwLbQ
    Shares of Sienna, which went public about a year ago, were
down 13.8 percent at $13.53 in early trading.

 (Reporting by Tamara Mathias and Aakash B in Bengaluru; Editing
by Shailesh Kuber and Anil D'Silva)
 ((Tamara.Mathias@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 1208; Reuters Messaging:
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