Why Arbutus Biopharma Stock Is Plunging Today
The FDA has notified via verbal communication regarding a clinical hold on Arbutus Biopharma Corporation's (NASDAQ: ABUS) AB-101 Investigational New Drug (IND) application.
AB-101 is a novel, oral PD-L1 inhibitor designed to reawaken and boost the immune system of patients with chronic hepatitis B virus (cHBV).
Also Read: US Court Favors Moderna In COVID-19 Vaccine Patent Infringement Case With Arbutus Biopharma.
The FDA indicated they will provide an official Clinical Hold letter to Arbutus within 30 days.
Based on this communication, the company no longer intends to report initial data from the single-ascending dose portion of the Phase 1 clinical trial in the second half of 2023.
Price Action: ABUS shares are down 12.8% at $2.52 during the premarket session on the last check Tuesday.
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