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.
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.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
