Lit­tle Pro­teon shares crash in­to pen­ny stock ter­ri­to­ry as lead drug flops in PhI­II

Lit­tle Pro­teon Ther­a­peu­tics took a tor­pe­do right at the wa­ter line this morn­ing, re­port­ing that its Phase III study of von­a­pan­i­tase for chron­ic kid­ney dis­ease had failed bad­ly.

The Waltham, MA-based biotech saw its shares $PRTO crater, drop­ping 83% and leav­ing the mar­ket cap at $10 mil­lion, which is less than the cash it has on hand.

The p val­ues on their drug re­flect­ed the ex­tent of the dis­as­ter, with co-pri­ma­ry end­points for fis­tu­la use for he­modial­y­sis (p=0.328) and sec­ondary pa­ten­cy (p=0.932). The biotech said that it will be study­ing its next moves, in­clud­ing all “strate­gic op­tions.”

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