(Reuters) – Satsuma Pharmaceuticals Inc said on Monday its experimental migraine drug failed to meet the main goals of a late-stage trial.
The drug, STS101, was not statistically significant in improving key measures such as freedom from pain and other bothersome symptoms, when compared to placebo at two hours post-administration, the company said.
Satsuma also said it does not plan to invest in commercializing STS101, and will actively explore alternatives to maximize value for shareholders while minimizing cash expenditures.
Shares of the company fell 77.3% to 92 cents before the opening bell.
(Reporting by Manas Mishra and Khushi Mandowara in Bengaluru; editing by Uttaresh.V)
