A biotech company's farthest-along drug just failed a key trial -- and the stock is plummeting

Markets Insider
  • Biotech company Prothena said on Monday that its drug to treat AL Amyloidosis, a rare disease in which amyloid protein builds up in the body and disrupts organ function, failed a key trial.
  • The drug, NEOD001, failed a phase 2 trial, and the company decided to discontinue its later-stage phase 3 trial.
  • “We are deeply disappointed by this outcome, particularly for patients suffering from this devastating disease,” Prothena CEO Gene Kinney said in a news release.
  • Prothena’s stock was down 60% on Monday morning before markets opened.

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