Acer Therapeutics news for Tuesday concerning a rejection from the U.S. Food and Drug Administration (FDA) is pummeling ACER stock.
Acer Therapeutics (NASDAQ:ACER) says that it has been sent a Complete Response Letter from the FDA about its New Drug Application for EDSIVO. The company was wanting to use EDSIVO to treat patients suffering from vascular Ehlers-Danlos syndrome.
The Complete Response Letter from the FDA rejects Acer Therapeutics New Drug Application to use EDSIVO in this manner. Instead, it says that the company will have to “conduct an adequate and well-controlled trial to determine whether celiprolol reduces the risk of clinical events in patients” suffering from vascular Ehlers-Danlos syndrome.
Chris Schelling, the CEO and Founder of ACER, has this to say about the recent Acer Therapeutics news.
“We remain committed to working closely with the FDA to fully understand its response. We expect to respond to the FDA in the third quarter of this year.”
The Acer Therapeutics news about the rejection from the FDA was really hitting ACER stock hard on Tuesday. It saw about 140,000 shares of ACER stock trade before the market opened today. For comparison, ACER stock typically trades 97,000 shares during the course of a full day.
ACER stock was down 79% as of Tuesday afternoon and was trading around $3.86. It closed at $19.28 on Monday. The stock is also down 10% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.