Why Is Galera Therapeutics Stock Sinking Today?
Portfolio Pulse from Vandana Singh
Galera Therapeutics Inc's (NASDAQ:GRTX) New Drug Application for avasopasem manganese was rejected by the FDA, citing the need for another clinical study. In response, Galera is seeking a meeting with the FDA and considering partnership options for the drug's continued development. The company is also restructuring, reducing its staff by 70% to extend its financial lifespan. Galera's shares are down 83.40% at $0.37.
August 10, 2023 | 1:45 pm
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Galera Therapeutics' stock price has dropped significantly following the FDA's rejection of their new drug application. The company is now seeking a meeting with the FDA and considering partnerships for the drug's development.
The FDA's rejection of Galera's new drug application is a significant setback for the company, leading to a sharp drop in its stock price. The company's decision to seek a meeting with the FDA and consider partnerships for the drug's development indicates that it is taking steps to address this issue, but it is unclear how successful these efforts will be.
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