2023-05-10 10:06:56 ET
Reata Pharmaceuticals ( NASDAQ: RETA ) lost ~18% in the morning hours Wednesday despite reporting better than expected revenue for Q1 2023 as the biotech announced its plans to discontinue its studies for kidney disease candidate bardoxolone.
The company was advancing bardoxolone as one of its lead assets in partnership with Blackstone Life Sciences and Kyowa Kirin to treat chronic kidney disease across multiple indications.
After halting bardoxolone programs, the company has also revised the development and commercialization funding agreement with Blackstone.
Meanwhile, Reata ( RETA ) has recorded about 500 patient start forms for Skyclarys, its recently-approved treatment for the rare neuromuscular disorder Friedreich’s ataxia, ahead of a potential rollout through specialty pharmacies by mid-August 2023.
The company also disclosed that a supplement to the marketing application of Skyclarys is currently under FDA review, with a target action date in mid-August 2023.
RETA also updated its cash guidance, indicating a cash runway until the end of 2026, thanks to existing cash, cash equivalents, marketable securities, and a newly-secured debt facility worth $275M.
More on Reta
- FDA accepts Reata's chronic kidney disease treatment bardoxolone NDA for review
- Reata Pharmaceuticals: Still A Buy After Skyclarys Approval Jump
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Reata sheds 18% after halting kidney disease programs