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Shares of Unity Biotechnology Inc (NASDAQ:UBX), which went public in mid-2018, were moving notably lower Monday following an adverse clinical readout.
What Happened: San Francisco, California-based Unity said the 12-week results from the Phase 2 study of its lead asset UBX0101 showed that the trial did not meet the primary endpoint.
The study looked at the p53/MDM2 interaction inhibitor in patients with moderate-to-severe painful osteoarthritis of the knee.
"There was no statistically significant difference between any arm of UBX0101 and placebo at the 12-week endpoint for change from baseline in WOMAC-A, an established measurement of pain in OA," Unity said in a statement.
UBX0101 is the most advanced investigational therapy in Unity's pipeline.
What's Next: Given the results, the company said it does not expect to advance UBX0101 into pivotal studies and will instead narrow its near-term focus to its ongoing ophthalmologic and neurologic disease programs.
Unity also said it expects to complete collection of the 24-week data from the Phase 2 study, as well as that from the ongoing Phase 1b high-dose, repeat-dose study in the second half of 2020. Data from the Phase 2 and Phase 1b studies will be presented at a future medical meeting, it added.
UBX Price Action: At last check, Unity shares were plunging 65.41% to $4.30.
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27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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