BioCentury
ARTICLE | Clinical News

Dermira plummets after Phase III acne failure

March 5, 2018 6:33 PM UTC

Dermira Inc. (NASDAQ:DERM) slid $16.57 (66%) to $8.59 on Monday after it said olumacostat glasaretil (formerly DRM01) missed the co-primary endpoints in two Phase III trials to treat moderate to severe acne vulgaris. The company plans to discontinue development of the inhibitor of acetyl-Coenzyme A carboxylase (ACAC; ACC).

The company's shares touched an all-time low of $8.55 in intraday trading Monday. With the day's move, Dermira's market cap sank below $360 million. At Friday's close, Dermira was valued at more than $1 billion...