Satsuma Pharma’s migraine drug fails late-stage study, shares crash

Satsuma Pharma’s migraine drug fails late-stage study, shares crash

Nov 14 (Reuters) – Satsuma Pharmaceuticals Inc (STSA.O) said on Monday its experimental lead treatment for acute migraine headaches failed to meet the main goals of a late-stage trial, sending its shares down nearly 83% in premarket trade.

The drug, STS101, did not meet key goals including freedom from pain when compared to placebo, two hours after administration, the company said. Satsuma pharmaceuticals was developing STS101 nasal spray to be used for relief after a migraine attack.

“We are surprised and disappointed” that the drug did not show superiority over the placebo, Chief Executive Officer John Kollins said.

The company said it does not plan to invest in commercializing the drug and would explore alternatives to minimize its cash expenditures.

Migraine affects 37 million American, according to data from U.S. Centers for Disease Control and Prevention.

Currently, treatments for migraine include drugs from Abbvie Inc (ABBV.N) and Eli Lilly and Co (LLY.N) that focus on controlling symptoms, and Amgen Inc’s (AMGN.O) drug that is approved for preventing it.

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Source: Reuters