Jan 16 (Reuters) - Allakos Inc said on Tuesday that it plans to discontinue the development of its experimental skin disease drug after it failed two mid-stage studies.

The company also said it aims to cut 50% of its workforce as part of a restructuring.

The company was testing its experimental drug, called lirentelimab, as a potential treatment for the skin conditions atopic dermatitis and chronic spontaneous urticaria.

The drug did not help reduce symptoms of either conditions across two mid-stage studies and failed to meet the main goals.

Shares of the drug developer were halted in premarket trading.

(Reporting by Sneha S K; Editing by Sonia Cheema)