By Colin KellaherShares of RAPT Therapeutics plummeted more than 65% in premarket trading Tuesday after a serious adverse event prompted the U.S. Food and Drug Administration to place a clinical hold on a pair of the biopharmaceutical company's studies in inflammatory diseases. RAPT said the hold involves a Phase 2b study of its zelnecirnon drug candidate in atopic dermatitis, where one patient suffered a serious adverse event of liver failure, as well as a Phase 2a study of zelnecirnon in asthma. Details of the serious adverse event weren't disclosed. According to the FDA's website, serious adverse events are those that can cause disability, are life-threatening, result in hospitalization or death, or are birth defects. RAPT shares, which closed Friday at $25.97, were recently down more than 65% at $9 in premarket trading.

Source: Wall Street Journal February 20, 2024 16:24 UTC