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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