By By Ben Glickman
Design Therapeutics, a clinical-stage biotechnology company, experienced a significant drop in its stock price after patients in a trial of its drug reported injection site reactions. The stock reached its third all-time low in just four days, with shares falling by 2.4% to $2.07.
This recent decline adds to a week of staggering losses for Design Therapeutics, as shares have plummeted by 73%. Over the span of the past 12 months, the company’s stock has shed an alarming 90% of its value.
The Carlsbad, Calif.-based company disclosed that five subjects participating in a phase 1 study of DT-216, the company’s potential treatment for the degenerative disease Friedreich ataxia, developed reactions to the drug. Out of the five reactions, four were categorized as mild, while one was classified as moderate.
Despite these setbacks, Design Therapeutics plans to continue the development of DT-216 based on the trial results. However, the company intends to enhance the drug’s formulation. It aims to commence a new multi-dose phase 1 trial in the second half of 2024, with clinical data anticipated to be available in the first half of 2025.
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