Cortexyme Inc (NASDAQ:CRTX) shares are trading lower by 29% at $6.41 Wednesday morning after the company announced a clinical hold on Atuzaginstat's Investigational New Drug application.
In a Wednesday press release, Cortexyme said the company is immediately implementing a cost reduction program to rationalize operations and to allow continued support for planned clinical milestones, providing an expected cash runway through 2024.
Cortexyme intends to prioritize the development of its next-generation gingipain inhibitor, COR588, in Alzheimer's disease. COR588 is currently completing a Phase 1 SAD/MAD study and results are expected in the second quarter 2022.
Cortexyme added the company plans to explore strategic alternatives for its coronavirus program and non-Alzheimer's indications for COR388. Cortexyme intends to provide a more detailed update on its pipeline and anticipated milestones for 2022 in the near future.
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Cortexyme is a clinical-stage biopharmaceutical company developing a disease-modifying therapeutic approach to treat Alzheimer's and other degenerative diseases.
Cortexyme has a 52-week high of $121.98 and a 52-week low of $5.60.
