Stock Alert: Satsuma Pharmaceuticals Plunges 73% As Late Stage Trial Of Migraine Treatment Fails

(RTTNews) - Shares of Satsuma Pharmaceuticals, Inc. (STSA) tanked 73% on Thursday morning after a late stage trial of its migraine treatment failed to meet primary endpoints.

STSA is currently trading at $6.17, down $17.17 or 73.56%, on the Nasdaq.

Satsuma, a clinical-stage biopharmaceutical company, while announcing the outcome of Phase 3 efficacy trial of STS101 (dihydroergotamine nasal) powder as an acute treatment for migraine, said the trial did not meet primary endpoints.

The company said that the drug did not show any statistical significance difference on the co-primary endpoints of freedom from pain and most bothersome symptoms like photophobia, phonophobia and nausea at two hours post-administration.

However, both dosage strengths of STS101 did demonstrate significant effects on both freedom from pain and most bothersome symptom by three hours post-dose and later time points.