By Colin Kellaher
Ventyx Biosciences shares crumbled more than 80% and hit a new all-time low Tuesday after the clinical-stage biopharmaceutical company said it was throwing in the towel on efforts to develop VTX958 to treat a pair of autoimmune diseases.
Shares of the San Diego company were recently changing hands at $2.68, down 81%, after touching an all-time low of $2.37 early in the session.
After the closing bell on Monday, Ventyx said it was ending Phase 2 studies of VTX958 in plaque psoriasis and psoriatic arthritis after the plaque psoriasis study hit its key endpoints but didn’t meet the company’s internal target to support further development.
Ventyx said its ongoing Phase 2 study of VTX958 in Crohn’s disease will continue to enroll, adding that it plans to conduct an interim efficacy analysis in the first quarter of 2024.
The company also noted that it had nearly $301 million in cash, equivalents and marketable securities as of Sept. 30.
Write to Colin Kellaher at [email protected]
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