Prognosis
Third Harmonic Plunges Almost 80% After Ending Study for Skin-Inflammation Drug
- Biotech company ends testing of an experimental treatment
- Decline wipes out the stock’s gain since going public
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Third Harmonic Bio Inc., one of the few biotechnology companies to hold a public offering this year, tumbled 77% Thursday after scrapping its main program.
The Cambridge, Massachusetts-based company said it would stop testing its experimental drug for an inflammatory skin condition after two patients developed liver toxicity in an early study. Third Harmonic had also planned to test the drug to treat asthma, according to the company’s website.