Tricida: Plunges as FDA seeks additional data on kidney disease drug

Tricida

29/10/2020 12:42

** Shares of drug developer  TCDA.O  plunges 40.2% to $4.95
premarket; second-biggest pct loser across all U.S. exchanges
    ** Co says FDA will need evidence of its lead experimental
drug, veverimer's effect on chronic kidney disease (CKD)
progression from a near-term interim analysis of the trial
    ** FDA in Aug. declined to approve veverimer, seeking
additional data regarding magnitude and durability of the drug
 urn:newsml:reuters.com:*:nL4N2FQ39Z
    ** TCDA says it can't provide information on CKD progression
from a near-term interim analysis of the trial without
compromising the integrity of the ongoing trial    
    ** Co also cuts workforce by more than half to 59 people to
reduce annual operating costs by ~$25 mln
    ** TCDA's cash and cash equivalents as of Sept. 30 were
~$375 mln  urn:newsml:reuters.com:*:nBw24cQvHa
    ** Stock down ~78% YTD

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))