Prax­is nose­dives as an­ti­de­pres­sant ef­fort col­laps­es in PhII/III fail — lay­offs to fol­low

Prax­is shares $PRAX are tak­ing a tum­ble Mon­day af­ter the com­pa­ny re­port­ed its lead de­pres­sion drug failed a Phase II/III study, forc­ing a sub­stan­tial pipeline re­or­ga­ni­za­tion and lay­offs.

The biotech said the pro­gram known as PRAX-114 missed the pri­ma­ry end­point as well as all of its sec­ondary end­points, lead­ing to the re­struc­tur­ing. Prax­is’ pro­gram failed to sig­nif­i­cant­ly change pa­tients’ HAM-D17 scores from base­line in ma­jor de­pres­sive dis­or­der.

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