Forte Biosciences Shares Plunge As Lead Product Fails

(RTTNews) - Shares of Forte Biosciences, Inc. (FBRX) fell more than 80 percent as the company reported on Thursday that the topline data from its phase 2 trial of FB-401 for the treatment of atopic dermatitis failed to meet statistical significance for the primary endpoint. Based on the data, the company said it will not continue to advance FB-401.

FB-401 was the lead product of this clinical-stage biopharmaceutical company focused on dermatology. The company started the multi-center, placebo-controlled clinical trial of FB-401 in September 2020.

"We expect to provide investors with an update on the future plans for the company over the next several months," said Paul Wagner, CEO of Forte Biosciences.

The company had cash and cash equivalents of $50.8 million as of June 30, 2021.