Aadi Bioscience slides after halting cancer therapy trial

Whitehawk Therapeutics

21/08/2024 11:53

** Shares of Aadi Bioscience  AADI.O  fall 22.22% to $1.26
premarket
    ** Drugmaker says it will stop the mid-stage trial of its
cancer therapy nab-sirolimus in patients with solid tumors
harboring type of alterations
    ** Analysis by an independent committee showed that the
study was unlikely to meet a key goal of the trial
    ** Co will focus on commercialization of its approved cancer
treatment Fyarro
    ** Co to adjust ongoing mid-stage trials and reduce R&D
headcount by 80%, thereby extending cash runway into at least H2
2026
    ** A filing on Wednesday shows co approved a plan on Aug. 16
to terminate 22 employees, or about 32% of the its workforce
    ** Stock down ~20% YTD as of last close

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))