Zynerba Pharmaceuticals Inc (NASDAQ: ZYNE) shares plunged premarket Thursday after the company ended a clinical study for a tetrahydrocannabinol patch.
The Phase 1 study for the ZYN001 patch did not achieve targeted top-line results, Zynerba said in a statement.
Why It’s Important
Although the pro-drug of tetrahydrocannabinol was “very well tolerated” by the skin and no adverse events were reported, Zynerba is terminating the study.
It will instead focus its time and resources on ZYN002 for Fragile X syndrome, developmental and epileptic encephalopathy and adult refractory epilepsy. The change is expected to extend Zynerba’s cash runway into the back half of 2019.
ZYN002 will begin a pivotal study of ZYN002 in Fragile X in “mid-year 2018” and continue Phase 2 trials for the other two indications.
Shares were trading down nearly 22 percent at the time of publication premarket Thursday.
GW Pharma's Epidiolex Becomes First Cannabis-Based FDA-Approved Drug
Why Cannabis Investors Are Eyeing South America
See more from Benzinga
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.