Mi­cro­cap biotech's shares crater on a PhI­II fail­ure for heavy drink­ing drug

Shares of mi­cro­cap biotech Adi­al Phar­ma­ceu­ti­cals cratered Wednes­day af­ter the com­pa­ny con­ced­ed its ex­per­i­men­tal ther­a­py for heavy drinkers had failed the pri­ma­ry end­point in the Phase III test.

Hope springs eter­nal at Adi­al, though, and the com­pa­ny in­sists that it has plen­ty of pos­i­tive things to say about the da­ta, in­clud­ing a win (p=0.03) when re­searchers carved out a large sub­group of heavy drinkers in the pa­tient pop­u­la­tion. It be­lieves that could be per­sua­sive in push­ing the FDA to look fa­vor­ably on the drug, which is a high­ly un­cer­tain propo­si­tion.

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