Wave Life Sciences News: WVE Stock Slammed 54% by Duchenne Drug Failure

Wave Life Sciences (NASDAQ:WVE) news for Monday about it giving up on a Duchenne muscular dystrophy drug is hitting WVE stock hard.

Wave Life Sciences News: WVE Stock Slammed 54% by Duchenne Drug Failure

Source: Shutterstock

A Wave Life Sciences news release notes that the company is no longer moving forward with the development of suvodirsen due to poor results. This includes not seeing positive effects from the drug during an interim analysis of a Phase 1 clinical trial.

Wave Life Sciences notes that this means it won’t be continuing with the Phase 1 clinical trial. It will also be putting an end to the Phase 2/3 DYSTANCE 51 trial as well. There will be a final follow-up visit for patients, but the administration of the drug won’t continue.

Michael Panzara, MD, MPH, Chief Medical Officer of WVE, has this to say about the Wave Life Sciences news.

“We set out to restore meaningful levels of dystrophin in patients with Duchenne, and we failed to achieve this goal. These results are not what we expected, particularly given the promising data from our preclinical models, and we commit to further analyzing and understanding the results to aid in future research.”

The Wave Life Sciences news also includes an update concerning its cash and cash equivalents. The company says it currently has enough, as well as support from collaborators, to continue operations until the third quarter of 2021.

WVE stock was down 54.823% as of Monday afternoon. It’s also down 8.32% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/12/wave-life-sciences-news-slams-wve-stock/.

©2022 InvestorPlace Media, LLC