Phase III mi­graine flop sends a small-cap biotech play­er in­to a dead­ly tail­spin

A small-cap play­er look­ing to cash in quick­ly on a re­for­mu­lat­ed drug just got flat­tened this morn­ing as their one-trick pony got hit by a late-stage cat­a­stro­phe.

Bay Area-based Sat­suma Phar­ma­ceu­ti­cals $STSA made it to the mar­ket a year ago with an up­sized take of $83 mil­lion based on their hopes of fil­ing for a new drug ap­proval right about now with Phase III da­ta.

It didn’t work out that way.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER