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Catabasis Pharmaceuticals News: Why CATB Stock Is Plummeting 69% Today

Catabasis Pharmaceuticals (NASDAQ:CATB) news for Tuesday includes incredibly poor results from a clinical trial hammering CATB stock hard.

colorful pills and vials sitting on a table
Source: Bukhta Yurii / Shutterstock.com

A Catabasis Pharmaceuticals news release reveals that the Phase 3 PolarisDMD trial didn’t meet its primary endpoint. This was a trial testing out the company’s edasalonexent in Duchenne muscular dystrophy.

Adding to the frustration for CATB investors, the trial wasn’t even able to meet its secondary endpoint either. The only positive news from this release is that the treatment was well-tolerated and safe to use.

Due to the poor nature of these results, Catabasis Pharmaceuticals has announced that it’s stopping the development of edasalonexent. That includes its GalaxyDMD open-label extension trial of the treatment.

Pat Furlong, founder, president and CEO of Parent Project Muscular Dystrophy, said this about the Catabasis Pharmaceuticals news.

“These results are disheartening for the Duchenne community, and specifically for the boys who participated in this trial and their families. However, the results contribute to the natural history data of Duchenne and add to the knowledge base that will one day produce a foundational, long-term therapy for this disease.”

Catabasis Pharmaceuticals notes that it plans to work with external advisors about what to do moving forward. It also mentions that it will release its earnings report for the third quarter of 2020 sometime next month.

CATB stock was down 68.5% as of Tuesday morning and is down 72% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/catabasis-pharmaceuticals-news-hammers-catb-stock/.

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