60 Degrees Pharmaceuticals Shares Slide 20% After Withdrawing Drug Application for Covid-19 Treatment
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company said it had withdrawn its investigational new drug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 email@example.com
(END) Dow Jones Newswires
September 18, 2023 18:19 ET (22:19 GMT)
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