Allena Pharma Needs To Raise Capital To Continue As A Going Concern

Author: Vandana Singh | August 11, 2022 02:47pm

• Allena Pharmaceuticals Inc (NASDAQ:ALNA) says it lacks the financial resources to conduct studies for ALLN-346 for hyperuricemia and gout in the setting of advanced chronic kidney disease.
• The company continues to evaluate the data from cohorts A and B of Study 202 and the long-term viability of the ALLN-346 clinical program. 
• In light of the clinical data observed to date, in particular the data from Study 201, which demonstrated a potential GI-based mechanism of action, it is possible that the clinical effect could be more pronounced in a more acute patient population (cohort C) or when used in combination with allopurinol (cohort D). 
• However, Allena currently lacks the financial resources to conduct these studies.
• The company needs to raise capital imminently to continue as a going concern. Allena also said it would need to implement additional cost reduction strategies unless it can raise capital.
• As previously disclosed, the company has initiated a strategic process to explore a range of strategic and financing alternatives.
• Price Action: ALNA shares are up 0.31% at $0.13 during the market session on the last check Thursday.

Posted In: ALNA