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Praxis Precision Medicines Inc shares sank 64.26% after the company’s Aria Study for monotherapy treatment of major depressive disorder failed to achieve its objectives.
Source: Praxis.
PRAX down -64.26%, LGND down -0.33%
The study did not achieve statistical significance on the primary endpoint for change from target in the 17-item Hamilton Depression Rating Scale total score at Day 15.
Marcio Souza, president and chief executive officer of Praxis stated that the company is surprised and disappointed in the Aria Study outcomes and failed to deliver the needs of patients.
Souza further stated that moving forward, the company will prioritize programs in movement disorders and epilepsy.
The strategic restructuring will reduce the company’s workforce and future operating expenses. The company will focus on the delivery of Phase 2b results for PRAX-944 in critical tremor study and proof-of-concept in epilepsy.
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