Forte Biosciences, Inc. (NASDAQ:FBRX) shares fell hard Friday, on developments out of the lab.
The clinical trial of Forte Biosciences lead drug FB-401 failed to meet a statistical significance, the company said. B. Riley Securities and Truist Securities downgraded the stock.
Positive trends were observed in key secondary endpoints including EASI-90 with 27.6% of subjects in the active arm achieving the EASI-90 endpoint compared to 20.5% in the control arm (p=0.3075) and in IGA success (2 point reduction and clear or almost clear) with 38.2% of active subjects achieving success compared to 29.5% in the placebo arm (p=0.2599).
The primary endpoint of EASI-50 was achieved by 58% of subjects on FB-401 compared to 60% of subjects on placebo (p=0.7567).
Said CEO Paul Wagner, “We are appreciative of the clinical trial sites and the patients for participating in this trial and we are grateful to our investors for taking the risk to support the advancement of a new therapeutic modality for atopic dermatitis.
"The topline data is disappointing and we will continue to analyze the data; however, given this readout we will not continue to advance FB-401. We expect to provide investors with an update on the future plans for the company over the next several months."
Forte previously reported that it had cash and cash equivalents of $50.8 million as of June 30, 2021.
Forte Biosciences, Inc. is a clinical-stage, biopharmaceutical company developing a live biotherapeutic, FB-401, for the treatment of inflammatory skin diseases.
FBRX shares ditched $23.11, or 80.8%, to $5.48
