Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) shares were crushed early on Thursday after the company reported topline results from an early stage clinical study. Specifically, the firm announced results from a Phase 1 clinical program studying ZYN001, the company’s patent-protected, pro-drug of tetrahydrocannabinol (THC) delivered via a transdermal patch, in healthy volunteers.
The program assessed the safety and pharmacokinetics in single and multiple doses of several formulations of ZYN001.
The top-line results of this Phase 1 study indicated that target blood levels of 5 to 15 ng/ml THC were not achieved. ZYN001 was very well tolerated with minimal skin erythema. There were no serious adverse events or discontinuations for subjects receiving ZYN001.
As a result of these data, the company will focus its development efforts and investments on the ZYN002 Fragile X syndrome, developmental and epileptic encephalopathy and adult refractory epilepsy programs.
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Zynerba expects that this change will extend its cash runway into the second half of 2019. As of March 31, 2018, the firm had $52.1 million in cash and cash equivalents.
Shares of Zynerba traded early Thursday at $8.11, down more than 15% on the day, with a consensus analyst price target of $17.50 and a 52-week range of $5.42 to $20.00.
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