Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) shares tumbled Thursday after the company disclosed top line results from ZYN001 THC-prodrug patch Phase 1 study. The study indicated that target blood levels of 5-15 ng/ml THC were not achieved.
The company, based in Devon, Pa., claims to be the leader in innovative pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders.
It announced top line results from a Phase 1 clinical program studying ZYN001, the Company’s patent-protected, pro-drug of tetrahydrocannabinol (THC) delivered via a transdermal patch, in healthy volunteers. The program assessed the safety and pharmacokinetics in single and multiple doses of several formulations of ZYN001.
As a result of these data, the Company will focus its development efforts and investments on the ZYN002 Fragile X syndrome, developmental and epileptic encephalopathy (DEE) and adult refractory epilepsy programs.
The Company expects that this change will extend its cash runway into the second half of 2019.
This Phase 1 study was a single and multiple dose, placebo-controlled first-in-man study to assess the safety and pharmacokinetics of ZYN001 administered as a transdermal patch to healthy adult subjects. Several formulations and patch wear times ranging from 24 hours to 14 days were assessed in 60 healthy subjects who were randomized to ZYN001 or placebo.
A release pointed out that Zynerba now believes that the cash and cash equivalent position of $52.1 million as of March 31, 2018 is sufficient to fund operations and capital requirements into the second half of 2019.
Shares capsized $1.27, or 13.2%, to $8.34.
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