The San Diego-based company said that the treatment, fosmetpantotenate, failed to meet its primary endpoint when compared to a control group being treated with a placebo.
Fosmetpantotenate is designed to treat patients with pantothenate kinsae-associated neurodegeneration, a deadly, rare, genetic neurological disease.
"We are very disappointed in the top-line results from the FORT Study, particularly because we have seen the devastating impact of PKAN on patients and their families, and a significant unmet need remains with no approved treatment option. We would like to thank the patients, their caregivers, study investigators and our employees, whose dedication made this study possible," said CEO Eric Dube, Ph.D.
The stock was down 30.37% to $12.11 in trading Thursday.
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