Shares of pharmaceutical company Acer Therapeutics (NASDAQ:ACER) are plummeting today after it paused the development of the ACER-801 program.
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Topline results from a Phase 2a trial evaluating ACER-801 for the treatment of moderate to severe Vasomotor Symptoms (VMS) related to menopause indicated that the drug did not achieve statistical significance in lowering the frequency or severity of hot flashes in subjects.
Consequently, the company has paused the program and is now focusing on the launch of Olpruva and the Phase 3 development of Edsivo for vascular Ehlers-Danlos Syndrome in confirmed type III collagen mutation.
Shares of the company have now dropped nearly 65% so far this year. At the same time, the enterprise value to revenue multiple of the company remains elevated at 102.93 at present.
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