By Ben Glickman

Shares of 60 Degrees Pharmaceuticals traded lower after the company said it had withdrawn its investigational new drug application for the use of tafenoquine to treat Covid-19.

The stock was down 20% to 92 cents in after-hours trading, after rising 4% at Monday's close. Shares are down 24% in the last month after beginning trading in July.

The Washington-based developer of treatments for infectious diseases said it was withdrawing its IND after receiving comments from the Food and Drug Administration about its study design.

The company's ACLR8-LR study is a Phase 2B study of the use of tafenoquine, a malaria treatment, to treat Covid-19. The company plans to submit a new IND in the fourth quarter.

60 Degrees has paused start-up activities for its Phase 2B trial, which it said would decrease its burn rate and improve its cash position. It may decide to self-fund its study or to seek a strategic partner, depending on FDA feedback.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

September 18, 2023 18:19 ET (22:19 GMT)