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Praxis Precision Posts Disappointing Data From Depression Study

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  • Praxis Precision Medicines Inc's (NASDAQ: PRAX) Phase 2/3 Aria Study of PRAX-114 for major depressive disorder (MDD) did not achieve statistical significance on the primary endpoint.

  • The primary endpoint was the change from baseline in the total score of the 17-item Hamilton Depression Rating Scale (HAM-D17).

  • The scale measures the frequency and intensity of depressive symptoms in individuals with major depressive disorder.

  • Praxis said it will prioritize programs in movement disorders and epilepsy moving forward.

  • Related: Praxis' PRAX-944 Shows Promising Action In Essential Tremor Patients.

  • The strategic realignment will result in a reduction of the company's workforce and future operating expenses. As a result of the realignment, the company's cash runway will extend into 2024.

  • The strategic alignment will focus on delivering Phase 2b results for PRAX-944 in essential tremor and proof-of-concept for PRAX-562 in epilepsy and advancing the pre-clinical pipeline.

  • Price Action: PRAX shares traded 65.1% lower at $3 premarket on the last check Monday.

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