Reneo’s PhIIb rare disease trial failure forces layoffs, cost cuts — stock plummets
15 Dec 2023
Phase 2
Reneo Pharmaceuticals’ stock plunged by 82% as it revealed plans to slash 70% of its workforce after its only drug candidate disappointed in a registrational trial in rare genetic mitochondrial disorders.
The company’s stock $RPHM closed at $1.32 on Thursday, down from Wednesday’s close of $7.75.
The Phase IIb STRIDE study set mavodelpar against placebo in adults with primary mitochondrial myopathies. Mavodelpar is a selective PPAR-delta agonistPPAR-delta agonist designed to boost the transcription of genes involved in mitochondrial function and promote the creation of new mitochondria.
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Source: EndPoints
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