Remember that record biotech IPO party in 2018? There was no ‘happily ever after’
Back in the summer of 2018, Aptinyx $APTX was budding with high hopes. Its predecessor company, Naurex, had sold to Allergan so Brent Saunders and his crew could advance their “breakthrough” NMDA drug to what looked like a promising drug worth $560 million. Aptinyx would take the rest forward through the clinic.
But over the last five years, that drug and everything that went to Aptinyx went up in multiple blasts of bad data, destroyed by a litany of setbacks and failures that would wipe out all evidence of its former promise. Allergan later would sell to AbbVie, primarily for its Botox franchise, after taking some nasty pipeline hits.
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