Piv­otal fail­ure crum­bles stock for Michi­gan’s once-promis­ing Mil­len­do

Even by pan­dem­ic stan­dards, it was a tough Mon­day for Mil­len­do.

The biotech start­up that once grabbed a $62 mil­lion Se­ries B out of Michi­gan — back when $62 mil­lion was still a head-turn­ing Se­ries B — for its en­docrine plat­form saw its stock flat­line af­ter a piv­otal tri­al fail­ure for its lead drug.

In a Phase IIb tri­al, liv­o­le­tide failed to help pa­tients with Prad­er-Willi syn­drome im­prove on key symp­toms of the rare dis­or­der. The syn­drome, caused by the ab­sence or dele­tion of the fa­ther’s chro­mo­some 15, leads to hor­mon­al im­bal­ance that can cause hy­pher­a­gia — an ab­nor­mal­ly in­creased ap­petite. Liv­o­le­tide failed to im­prove hy­per­pha­gia or oth­er eat­ing-re­lat­ed be­hav­iors.

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