14th Aug 2018 11:07
LONDON (Alliance News) - Shares in Realm Therapeutics PLC plunged on Tuesday after the company said its loss for the first half of the year widened and reported unsuccessful results from its PR022 trial.
Shares were trading down 45% at 22.00 pence each following the news.
For the six months to June 30, the company posted pretax loss of USD10.9 million compared to USD4.0 million the year before, as its research & development expenses more than doubled to USD7.4 million from USD3.0 million a year ago.
Due to the switch to reporting standard IFRS 15, the company did not recognise any revenue, while in the same period a year ago it earned USD618,921.
Additionally, the company said that preliminary data from its phase 2 trial of PR022 in atopic dermatitis did not show "the desired effect".
"Preliminary top-line results from the study demonstrate that PR022 showed no difference from vehicle in the primary endpoint of percent change in eczema area severity index versus baseline," the company said.
Realm Therapeutics will now conduct an analysis of the product to assess whether "there is a path forward" for its proprietary technology in atopic dermatitis.
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