- Micro-cap biotech First Wave BioPharma (NASDAQ:FWBI) continued to trade lower for the ninth session after the company announced plans to refocus efforts on advancing its adrulipase clinical program.
- The company expects to file an Investigational New Drug (IND) to start a Phase 2 “proof-of-concept” clinical study for an optimized formulation of adrulipase as a potential treatment for exocrine pancreatic insufficiency (EPI).
- In a letter to shareholders Monday, FWBI’s CEO James Sapirstein said that with the decision to file an IND and advance the Phase 2 trial for the candidate, the company would de-prioritize the clinical development of niclosamide, a small molecule with anti-inflammatory properties.
- The move follows mixed results for niclosamide from the FW-COV COVID-19 trial and unconvincing data from a Phase 2 trial for the candidate in ulcerative proctitis and ulcerative proctosigmoiditis.
- In addition, FWBI announced the elimination of ~$10M of fixed liabilities from its balance sheet after settling a lawsuit filed by former stockholders of First Wave Bio, Inc.
- As previously announced, the mid-stage trial for adrulipase is expected to start before the year-end, subject to FDA clearance of the IND.
First Wave BioPharma extends selloff after announcing strategic shift
Recommended For You
More Trending News
About FWBI Stock
Related Stocks
Symbol | Last Price | % Chg |
---|---|---|
FWBI | - | - |
First Wave BioPharma, Inc. |