January 16, 2018 / 1:42 PM / 9 months ago

BUZZ-Eiger BioPharma: Abandons blood pressure drug after trial failure

** Drug developer’s shares fall 44.4 pct at $8.90 premarket

** Top pct loser among all U.S.-listed stocks premarket

** Says it would stop developing its drug to treat pulmonary arterial hypertension (PAH), a type of high blood pressure, after it failed a mid-stage study

** The drug did not show improvement in PAH - the study’s main goal

** PAH occurs when the arteries of the lungs constrict, forcing the heart to work harder and potentially leading to its failure

** However, the company says it would continue testing the drug, ubenimex, for lymphedema, a blockage of fluid causing swelling in the arms and legs

** Up to Friday’s close, stock had risen 36.17 pct in the past twelve months (Reporting by Akankshita Mukhopadhyay in Bengaluru)

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