Thinly traded micro cap Cyclerion Therapeutics (NASDAQ:CYCN) slumped 68% premarket on increased volume, albeit on turnover of only 55K shares, after its rare feat of announcing two failed clinical trials at the same time.
A Phase 2 study, CAPACITY, evaluating praliciguat in patients with heart failure with preserved ejection fraction failed to separate from placebo as measured by cardiopulmonary exercise testing.
Another Phase 2 evaluating praliciguat in patients with diabetic nephropathy also failed to beat placebo as measured by urine albumin creatinine ratio.
The company says praliciguat amplifies nitric oxide signaling by stimulating a receptor called soluble guanylate cyclase (sGC).
Management hosted a conference call this morning at 8:30 am ET to discuss the results.
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