Aerovate Therapeutics ( NASDAQ: AVTE ) shares fell about 91% after it announced that the mid-stage study for its treatment of pulmonary arterial hypertension in adults failed to meet primary and secondary goals. Results showed that, while AV-101 was well tolerated across all dose groups, the study did not meet its primary endpoint for improvement in PVR compared to placebo for any of the studied doses or show meaningful improvements in the secondary endpoint of change in six-minute walk distance. The company has also reviewed data from several additional secondary endpoints of the Phase 2b portion of IMPAHCT, which also failed to show meaningful improvements.
Based upon these results, Aerovate, in agreement with the independent study advisory committee, is halting enrollment and shutting down the Phase 3 portion of IMPAHCT as well as the long-term extension study. As of June 15, 2024, Aerovate has approximately $100 million of cash, cash equivalents and short-term investments. Source: Press Release More on Aerovate Therapeutics Aerovate: Imatinib Delivery Change Leads To Targeting Of Massive PAH Market Seeking Alpha’s Quant Rating on Aerovate Therapeutics Historical earnings data for Aerovate Therapeutics Financial information for Aerovate Therapeutics.
