Aerovate slashes workforce after failed Phase IIb trial [Yahoo! Finance]
Johnson & Johnson (JNJ)
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Source: Yahoo! Finance
The Massachusetts-based biotech announced the downsizing in an SEC filing where Aerovate said it expects to incur costs of about $5.6m related to the layoffs. These costs are expected to be incurred in the third and fourth quarters of 2024. The company also added that it expects all of its workforce to be cut in the coming months. On 17 June, Aerovate shut down its Phase II/III IMPAHCT trial (NCT05036135) after the Phase IIb section did not meet its primary endpoint for improvement in PAH compared to placebo for any of the studied doses. AV-101—an inhaled version of the drug imatinib—also failed to show meaningful improvements in the secondary endpoint of change in six minute walk distance. The Phase III and long-term extension arms (NCT05557942) were consequently stopped, with Aerovate's stock price plummeting over 90% following the announcement. PAH is a condition characterised by high blood pressure, leading to strain on the heart and reduced oxygenation. Competition in the PA
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