Stealth Biotherapeutics Corp (NASDAQ: MITO) was one of the big losers at the close of the week, after it dropped by 65.33%. This came after the company announced that, its late-stage trial for its investigational treatment for primary mitochondrial myopathy did not meet its primary endpoints.
The company failed to meet its endpoints assessing changes in a 6-minute walk test and PMMSA (Primary mitochondrial myothapy symptom assessment total fatigue score). The failed clinical trial was a randomized, placebo-controlled trial that was aimed at testing the efficacy of elamipretide. The trial was done over 32-weeks, and involved 218 patients suffering from primary mitochondrial myopathy. It was done at 28 clinics across different continents, namely North America, Australia, and Europe.
Commenting on the deal, the company CEO, Reenie McCarthy stated that, they remained confident that their promise and commitment to improving patient lives was still on course. He added that, the company plans to meet the FDA in early 2020 with regards to its Barth Syndrome program.
He stated that in this program, patients had shown remarkable improvement in Cardiac stroke volume during the trial. On top of that, the CEO stated that the company will continue enrolling patients for phase 2b clinical trial age-related macular degeneration. This follows a successful phase 1, where they noted improved visual function. In this study, the company also noted that, they were progressing their second-generation mitochondrial therapeutics, with its lead candidate named SBT-272 now in phase 1.
Besides the failed trial announcement and other programs in progress, the company also took time to thank the families that took part in the study. The company also thanked shareholders for their support all through the trial, even though it did not meet its endpoints.
From a look at its price action, the stock traded between a low of $4.26 and a high of $5.69 before closing the day at $4.75. Volumes in the day stood 1.88 million.
About Stealth Biotherapeutics Corp
Stealth Biotherapeutics Corp is a biotech company that focuses on the development and sale of therapies for diseases linked to mitochondrial dysfunction. It is headquartered in Newton, Massachusetts.