Shares of biopharmaceutical company Aptinyx (NASDAQ:APTX) are tanking today after announcing disappointing results from a Phase 2 trial evaluating NYX-458 for the treatment of cognitive impairment related to Parkinson’s disease and dementia.
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The drug failed to demonstrate clinically meaningful improvements as compared to a placebo and the results do not warrant its further development.
Next, APTX plans to institute cost-cutting actions to safeguard capital and will look at strategic alternatives. Consequently, it will also end the Phase 2b trial evaluating NYX-783 for post-traumatic stress disorder (PTSD).
Shares of the company have tanked over 80% in the past year and are down a further 64% in the pre-market session today already.
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