By Connor Hart
PTC Therapeutics will scrap development of its treatment for amyotrophic lateral sclerosis after it failed to meet a primary endpoint in a Phase 2 trial.
The Warren, N.J., biopharmaceutical company said Tuesday that the treatment, called utreloxastat, didn't meet the goal of slowing disease progression, despite having demonstrated to be safe and well tolerated.
"We are of course disappointed that we were not able to demonstrate treatment efficacy and provide a potential therapy that could address the significant unmet medical need of ALS patients," Chief Executive Matthew Klein said.
Shares fell 2.7%, to $44.75, in post-market trading after ending the regular session 7% higher, at $46.01.
ALS, sometimes referred to as Lou Gehrig's disease, is a rare, progressive and fatal neurodegenerative disease that affects motor neurons in the brain and spinal cord.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 26, 2024 17:06 ET (22:06 GMT)
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