Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) tanked 55% on Nasdaq on Monday to be top loser on the back of disappointing clinical trial news.
The group's mid-stage clinical trial for ZYN002 - a cannabidiol gel in adult epilepsy with partial seizures - didn't meet its primary endpoint or secondary endpoints, it said.
"We are very disappointed that the STAR 1 trial did not meet its primary endpoint in this patient population,” said Armando Anido, chairman and chief executive told investors.
But he added that the group will continue to evaluate this study and the ongoing STAR 2 open label study to determine next steps with ZYN002 in adult epilepsy patients.
But favorable safety and tolerability profile..
“Importantly, today’s results demonstrated ZYN002 to have a very favorable safety and tolerability profile, which is an encouraging fact as we look to develop ZYN002 as a treatment for a wide range of indications.
"We are excited that we will present top-line data from our ZYN002 STOP trial in osteoarthritis soon, followed by top-line data from our FAB-C study in Fragile X syndrome by the end of September.”
Zynerba is bidding to develop treatments for severe, chronic health conditions including epilepsy, Fragile X syndrome, osteoarthritis, fibromyalgia and peripheral neuropathic pain.
Shares lost over 54% in New York to $6.85.