Re­neo’s PhI­Ib rare dis­ease tri­al fail­ure forces lay­offs, cost cuts — stock plum­mets

Re­neo Phar­ma­ceu­ti­cals’ stock plunged by 82% as it re­vealed plans to slash 70% of its work­force af­ter its on­ly drug can­di­date dis­ap­point­ed in a reg­is­tra­tional tri­al in rare ge­net­ic mi­to­chon­dr­i­al dis­or­ders.

The com­pa­ny’s stock $RPHM closed at $1.32 on Thurs­day, down from Wednes­day’s close of $7.75.

The Phase IIb STRIDE study set mavodel­par against place­bo in adults with pri­ma­ry mi­to­chon­dr­i­al my­opathies. Mavodel­par is a se­lec­tive PPAR-delta ag­o­nist de­signed to boost the tran­scrip­tion of genes in­volved in mi­to­chon­dr­i­al func­tion and pro­mote the cre­ation of new mi­to­chon­dria.

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