Atara Biotherapeutics, a leading biotechnology company, witnessed a sharp decline in its stock value today following the release of disappointing results from its Phase 2 EMBOLD study evaluating ATA188 in non-active progressive multiple sclerosis (PMS). The primary analysis data revealed that the study did not meet the primary endpoint of confirmed disability improvement (CDI) by expanded disability status scale (EDSS) at 12 months when compared to the placebo group.
The company’s stock, which closed at $1.21 at the end of trading yesterday, plummeted as today’s session commenced at a value of $0.488. At present, it is trading at $0.29.
At the time of this publication, Atara Biotherapeutics Inc stock (ATRA) has witnessed a decline.
Atara Biotherapeutics Inc
Current Price: $0.29
Change : -0.92
Change (%): (-76.28%)
Volume: 23.3M
Source: Tomorrow Events Market Data
Expressing his disappointment in the study results, Pascal Touchon, the President and Chief Executive Officer of Atara Biotherapeutics, stated, “We are surprised and deeply disappointed with the results of EMBOLD, particularly for the MS patient community which is in urgent need of new treatment options.”
The EMBOLD study, a multi-national, randomized, double-blind, placebo-controlled endeavor with an open-label extension, aimed to assess the safety and efficacy of ATA188 in participants with non-active progressive multiple sclerosis.
While preliminary safety data indicated no new safety concerns arising from the EMBOLD study, this reinforced the favorable safety profile previously observed with ATA188.
Atara is actively conducting a comprehensive review of all data, including a notable 6 percent improvement in disability observed in the treatment group, in contrast to the 33 percent improvement recorded in the Phase 1 study.
Touchon further revealed, “Following anticipated additional payments and significant double-digit royalties from the recently expanded tab-cel partnership with Pierre Fabre, we are currently well positioned with a cash runway well beyond upcoming milestones.”
Looking ahead, the company plans to implement substantial cost-cutting measures concerning ATA188, channeling resources towards the advancement of its differentiated allogeneic CAR-T pipeline. Additionally, Atara intends to focus on executing the expanded tab-cel partnership with Pierre Fabre through the Biologics License Application (BLA) transfer.
The outcome of the EMBOLD study marks a significant setback for Atara Biotherapeutics, as the company strives to address the pressing need for innovative treatment options in the multiple sclerosis patient community. Investors and stakeholders will be closely monitoring Atara’s strategic adjustments and future developments in its promising allogeneic CAR-T pipeline.
For further information and updates, please visit Atara Biotherapeutics’ official website.
