Edge falls after discontinuing sole clinical candidate

Edge Therapeutics Inc. (NASDAQ:EDGE) plummeted $14.28 (92%) to $1.31 on Wednesday when the company said it will discontinue development of EG-1962 after an IDMC said the candidate was unlikely to meet the primary endpoint in the Phase III NEWTON 2 trial in adults with aneurysmal subarachnoid hemorrhage (aSAH). The move translates to a loss in market cap of about $440 million.

Edge said it expects to scale back operations and reduce its workforce to preserve cash, which totaled $88.1 million as of Dec. 31, 2017...