OSMT - Why Osmotica Pharmaceuticals Stock Plunged Today
Shares of Osmotica Pharmaceuticals (NASDAQ: OSMT) , a biopharmaceutical company, dropped by as much as 24.4% on Wednesday and closed today's trading session down by 20%. Investors sold off shares of the company following its announcement that the U.S. Food and Drug Administration (FDA) has declined to approve one of its products.
Osmotica Pharmaceuticals submitted an amended New Drug Application (NDA) for Arbaclofen ER, a potential treatment for spasticity associated with Multiple Sclerosis (MS), on June 30. Spasticity is one of the most common symptoms of MS, characterized by muscle stiffness and spasm. The healthcare company argued that during clinical trials, MS patients who received a 40 mg per day dose of Arbaclofen ER, as well as those who received an 80 mg per day dose of the tablet "derived significant clinical benefit." As the company said: "The compelling evidence provided by these studies clearly demonstrated clinically improved MS spasticity in patients administered Arbaclofen ER."
Image source: Getty Images.
For further details see:
Why Osmotica Pharmaceuticals Stock Plunged Today