Aptinyx Evaluates Strategic Alternatives For Its Future After Failed Trials, 60% Layoffs

Author: Vandana Singh | March 31, 2023 10:30am

• In March, Aptinyx Inc (NASDAQ:APTX) completed an analysis of the data from the first 100 patients enrolled in its Phase 2b clinical study of NYX-783 50 mg in patients with post-traumatic stress disorder (PTSD). 
• The study was halted in February before its completion to support the company's capital preservation. 
• In the analysis, NYX-783 did not demonstrate sufficient improvement on the study's primary endpoint to support the continued advancement of the development program by Aptinyx.
• The company is working with Ladenburg Thalmann as its financial advisor to assist in exploring and evaluating "strategic alternatives."
• In March, Aptinyx reduced its workforce by approximately 60%.
• Aptinyx reported cash and cash equivalents at $56.2 million as of Dec. 31. The company had $25.0 million of debt principal under a capital credit facility with K2 HealthVentures, which remains currently outstanding.
• Last year, the company had another setback when its study in patients with advanced painful diabetic peripheral neuropathy showed its drug couldn't beat the placebo.
• In February, the company announced that its Phase 2 study evaluating the effects of NYX-458 did not demonstrate clinically meaningful improvements over the placebo on the study's efficacy endpoints in patients with cognitive impairment associated with Parkinson's disease and dementia with Lewy bodies.
• Price Action: APTX shares are down 4.12% at $0.1280 on the last check Friday.

Posted In: APTX