Why Is Infectious Disease Focused 60 Degrees Pharmaceuticals Stock Trading Lower Today?
Portfolio Pulse from Vandana Singh
60 Degrees Pharmaceuticals Inc's subsidiary, 60P Australia Pty Ltd, has withdrawn its investigational new drug application for ACLR8-LR, a Phase 2B study of the use of tafenoquine in treating COVID-19, in response to FDA comments. The company plans to submit a new application in Q4, pending a feasibility assessment of revising the trial design. Meanwhile, 60P has paused further start-up activities for its Phase 2B trial, improving its short-term cash position. The company's shares are down 28.1% in premarket trading.
September 19, 2023 | 1:04 pm
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60 Degrees Pharmaceuticals has withdrawn its IND application for a COVID-19 treatment, causing a drop in its stock price. The company plans to submit a new application in Q4, which could potentially affect its stock price depending on the outcome.
The withdrawal of the IND application is a setback for 60 Degrees Pharmaceuticals, which has led to a drop in its stock price. The company's future plans to submit a new application could potentially affect its stock price depending on the outcome. The pause in start-up activities for its Phase 2B trial also impacts the company's short-term cash position, which could influence investor sentiment.
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