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ARTICLE | Clinical News

Allon plummets on davunetide update

December 19, 2012 2:15 AM UTC

Allon Therapeutics Inc. (TSX:NPC) fell C$0.41 (94%) to C$0.03 on Tuesday after the company said it will not allocate any additional capital to R&D for davunetide and will take immediate action to reduce its operating expenses, including a headcount reduction. Allon made the decision after top-line data showed davunetide administered as a nasal spray missed the co-primary endpoints in a Phase II/III trial to treat progressive supranuclear palsy (PSP). The eight amino acid activity-dependent neuroprotective protein (ADNP) also has completed a pair of Phase IIa trials in amnestic mild cognitive impairment (MCI) and cognitive impairment in schizophrenia. ...