Viveve Medical (NASDAQ:VIVE) stock is falling hard on Tuesday after releasing results from the company’s latest clinical trial.
That trial covers the use of the Viveve treatment for women suffering from stress urinary incontinence (SUI). Some 415 subjects took part in the clinical trial, which saw them split into groups on a 2:1 ratio for the active treatment or a “sham” treatment.
The bad news for VIVE stock this morning is the clinical trial’s topline results failing to meet the primary endpoint. This saw patients with over a 50% reduction in leakage in the active group come in at 49.8%. For comparison, that percentage was 56.7% for patients in the sham group.
Scott Durbin, CEO of Viveve Medical, said the following about the clinical trial results affecting VIVE stock today:
“We are extremely disappointed that the PURSUIT trial did not achieve its primary efficacy endpoint. Based on the reported results, we do not see a path forward, nor do we intend to pursue FDA registration of our Viveve® System and its dual-energy treatment for SUI in women.”
What’s Next for VIVE Stock?
Things aren’t looking good for VIVE stock following today’s news. In the same news release revealing the study results, the company detailed its future plans, including a major reduction of its workforce as well as more drastic measures.
Looking forward, Viveve Medical will consider strategic alternatives following the failed clinical trial. The company notes that this could result in the “sales of the company’s business or assets.” The company may also choose to wind down its operations.
This has heavy trading dropping VIVE stock as investors sell shares. As of this writing, nearly 1 million shares have changed hands. For the record, the company’s daily average trading volume is about 88,000 shares.
VIVE stock is down 69.4% as of Tuesday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Tuesday! A few examples include what’s happening with shares of MGO Global (NASDAQ:MGOL) and Calyxt (NASDAQ:CLXT) stock, as well as this morning’s biggest pre-market stock movers. All of that info is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.