Friday, AEON Biopharma Inc (NYSE:AEON) reported that the preliminary top-line results from its planned interim analysis of the Phase 2 trial with ABP-450 in the preventive treatment for chronic migraine did not meet the primary endpoint.

The primary endpoint of mean reduction in monthly migraine days (MMD) over the period 13-24 weeks in a total of 325 analyzed patients randomized across three arms showed a reduction of 8.5 days in the 150 U arm and 7.7 days in the 195 U arm, compared with a reduction of 8.4 days in the placebo arm.

These differences did not achieve statistical significance (p=0.9132 in 150 U arm; p=0.3611 in 195 U arm).

The numerical reduction in MMDs was in the expected range for the two active arms.

However, the reduction in the placebo arm was much higher than expected based on previous studies.

In addition, none of the secondary endpoints met statistical significance.

While the company will continue to evaluate the complete dataset and determine the next steps in the development of ABP-450, it has immediately commenced cash preservation measures and will review all strategic options.

"While we were surprised and disappointed that ABP-450 did not demonstrate statistically significant superiority over placebo in this interim readout, both active arms showed a reduction in monthly migraine days directly in-line with our expectations. We are conducting additional analyses of the interim data to understand the highly abnormal and unexpected placebo effect and further evaluate the results of this study to determine the best path forward in the development of ABP-450 for the preventive treatment of migraine," said Marc Forth, President and CEO.

The company started trading in July 2023 as a public company when it combined with Priveterra Acquisition Corp, a special-purpose acquisition company.

Price Action: AEON shares are down 50.9% at $1.65 at last check Friday.

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