(Reuters) -Pardes Biosciences Inc said on Monday it will suspend further clinical development of its experimental antiviral treatment pomotrelvir, after the drug failed a mid-stage trial for treating COVID-19, and will explore strategic alternatives which may include a sale of the company.
The drug was being studied as a potential treatment of patients with mild-to-moderate COVID, but it could not achieve below-the-limit detection for infectious SARS-CoV-2 on day three when compared to a placebo a proportion of participants, according to the company.
Based on the study results, the company said it initiated a review of a range of strategic alternatives that may include an acquisition or merger, among others.
The company’s shares down nearly 23% at $1.02 in premarket trade.
(Reporting by Raghav Mahobe in Bengaluru; Editing by Krishna Chandra Eluri)
