PRAX - Praxis Precision cuts workforce as lead asset fails in depression trial

Clinical-stage biotech Praxis Precision Medicines (NASDAQ:PRAX) announced plans to reduce its staff and operating expenses on Monday after its lead candidate PRAX-114 failed as monotherapy in a Phase 2/3 trial for major depressive disorder (MDD). The trial was designed to evaluate PRAX-114 as a single agent in MDD with primary goal being the change from baseline in the 17-item Hamilton Depression Rating Scale (HAM-D17) total score at Day 15. The Aria Study did not reach the statistical significance on the primary endpoint or any secondary endpoints, the company said. In response to the setback, Praxis (PRAX) announced a strategic realignment to focus its efforts on Phase 2b results for PRAX-944 in essential tremor (Essential1 Study) and proof-of-concept for PRAX-562 in epilepsy in addition to pre-clinical work. With plans to reduce workforce and operating expenses, the process will extend the cash runway into 2024, the company added. Praxis (PRAX) shares are

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Praxis Precision cuts workforce as lead asset fails in depression trial