Stock Alert: Unity Biotechnology Falls To New 52-week Low

(RTTNews) - Shares of Unity Biotechnology Inc. (UBX) are tumbling more than 62 percent or $7.73 in Monday's morning trade at $4.70, after falling to a new 52-week low of $4.59 earlier as the company's lead candidate, UBX0101, failed to meet the 12-week primary endpoint in a Phase 2 double-blind, placebo controlled study.

Monday, Unity Biotechnology announced the 12-week results from the Phase 2 study of UBX0101, a p53/MDM2 interaction inhibitor, in patients with moderate-to-severe painful osteoarthritis (OA) of the knee. The company noted that there was no statistically significant difference between any arm of UBX0101 and placebo at the 12-week endpoint for change from baseline in WOMAC-A, an established measurement of pain in OA.

Due to these results, Unity Biotechnology said it does not anticipate progressing UBX0101 into pivotal studies and will narrow the company's near-term focus to its ongoing ophthalmologic and neurologic disease programs.

Unity Biotechnology has traded in a range of $4.59 to $15.44 in the past 52 weeks.