Antibe Therapeutics Shares Down on Clinical Hold on Otenaproxesul by U.S. Regulator

By Adriano Marchese

Antibe Therapeutics shares were sharply lower Monday morning after the U.S. Food and Drug Administration placed a clinical hold on its nonsteroidal anti-inflammatory drug otenaproxesul.

Shares were trading nearly 58% lower at 19 Canadian cents (14 cents).

The Toronto-based clinical-stage biotechnology company received a verbal notice from the regulator last week that the clinical hold on the treatment was put in place.

The company now expects to receive a formal letter from the FDA with more details and an outline of the rationale behind the hold within 30 days.

The clinical hold means Antibe Therapeutics will have to postpone the start of its planned phase 2 trial.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

04-01-24 1036ET