Asarina Pharma AB (publ) announced topline results from its phase IIa study of Sepranolone for the treatment the treatment of menstrual migraine. While a 25% reduction in menstrual migraine days was achieved across the patient population, a statistically significant difference compared to placebo was not obtained for the study's primary and secondary endpoints. The study confirms a positive safety and tolerability profile for Sepranolone. Asarina Pharma will continue its fully financed development program for Sepranolone in Tourette syndrome. This solid clinical study unfortunately does not confirm the scientific hypothesis that the pre-menstrual drop in allopregnanolone concentratio, so called substance withdrawal syndrome, causes menstrual migraine. The company remains committed to continue pursuing the development of Sepranolone for Tourette and Obsessive Compulsive Disorder, and it is vital to understand that the allopregnanolone withdrawal mechanism hypothesized as causing menstrual migraine is fundamentally different to the mechanism triggering Tourette and Obsessive Compulsive Disorder. Therefore, the lack of effect in menstrual migraine does not change the rationale for treatment of Tourette and OCD. Both of these indications, as demonstrated in preclinical effect models, are based on the direct effect of stress-induced allopregnanolone, as opposed to the hormonally induced increase in allopregnanolone in menstrual migraine. Sepranolone failed to demonstrate a statistically significant reduction in its primary clinical endpoint, the number of days with menstrually related migraine (2 days prior to menstruation and 5 days into the next menstrual cycle), compared to placebo. There were no effects demonstrated in secondary endpoints. The overall number of migraine days per menstrual period was reduced similarly for placebo and the two dose levels by approximately 1 day (25% reduction) of the menstrual migraine days. The 86 randomized patients had an average age of 38 years, a headache history of 21 years and prior to study treatment they had an average number of menstrual migraine days of 4 days every menstrual cycle. Sepranolone demonstrated an excellent safety prolife in the study, with more than 1,200 doses of Sepranolone taken. One out of five patients reported some injection site discomfort, such as itching or a mild rash, no one reported severe discomfort. These mild side effects were transient. Overall, study data demonstrate that Sepranolone was well -tolerated with no safety signals.