(Adds trial details in paragraph 2, background in paragraph 3 and share move in paragraph 4)
Nov 26 (Reuters) - PTC Therapeutics said on Tuesday it is discontinuing the development of its drug for a type of fatal neurodegenerative disease, as it did not meet the main goal in a mid-stage trial.
The company's drug, utreloxastat, failed to slow the progression of amyotrophic lateral sclerosis (ALS) in patients during the trial.
ALS affects 16,000 to 32,000 people in the United States, and has long eluded researchers looking for an effective treatment.
Shares of the New Jersey-based company fell 2.8% after the bell.
(Reporting by Christy Santhosh in Bengaluru; Editing by Alan Barona)
((Christy.Santhosh@thomsonreuters.com))
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