Atara Biotherapeutics (NASDAQ:ATRA) inventory plunged 50% in after-hours buying and selling Wednesday after the corporate mentioned {that a} Section 2 examine for its drug ATA188 within the remedy of a number of sclerosis failed to fulfill its major endpoint.
Atara mentioned it’s evaluating the information to determine the subsequent steps for this system, however anticipates stopping the examine as no remedy profit was noticed.
The biotech firm mentioned it plans to significantly cut expenses on ATA188 shifting ahead and focus its assets on its differentiated allogeneic CAR-T pipeline, together with its expanded partnership with Pierre Fabre for its remedy tab-cel. It added that these actions ought to lengthen its money runway past Q3 2025.
Earlier this month, Atara announced it had granted US business rights for tab-cel to Pierre Fabre and deliberate to chop its workforce by round 30% as a part of a significant restructuring that included focusing its assets on ATA188 and its differentiated allogeneic CAR-T property. The corporate additionally filed for a mixed shelf offering of up to $400M.
Extra on Atara Biotherapeutics
Atara Biotherapeutics (NASDAQ:ATRA) inventory plunged 50% in after-hours buying and selling Wednesday after the corporate mentioned {that a} Section 2 examine for its drug ATA188 within the remedy of a number of sclerosis failed to fulfill its major endpoint.
Atara mentioned it’s evaluating the information to determine the subsequent steps for this system, however anticipates stopping the examine as no remedy profit was noticed.
The biotech firm mentioned it plans to significantly cut expenses on ATA188 shifting ahead and focus its assets on its differentiated allogeneic CAR-T pipeline, together with its expanded partnership with Pierre Fabre for its remedy tab-cel. It added that these actions ought to lengthen its money runway past Q3 2025.
Earlier this month, Atara announced it had granted US business rights for tab-cel to Pierre Fabre and deliberate to chop its workforce by round 30% as a part of a significant restructuring that included focusing its assets on ATA188 and its differentiated allogeneic CAR-T property. The corporate additionally filed for a mixed shelf offering of up to $400M.