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Savara Shares Sink 72% After Late-stage Study Fails

Shares of Savara Inc. (SVRA) tanked 72% in extended trading session on Wednesday after the drug company said a late-stage study failed.

Savara said a phase 3 study of drug Molgradex, a drug intended to treat Autoimmune Alveolar Pulmonary Proteinosis, did not meet its primary endpoint.However, secondary endpoints were met.

"We are preparing to meet with the FDA and EMA to discuss the results from this study and to determine our options to seek approval based on the current data, and potentially conduct an additional study incorporating the learnings," Chief Executive Rob Neville said in a statement.

SVRA closed Wednesday's trading at $10.57, up $0.07 or 0.67%, on the Nasdaq. The stock, however, slipped $7.57 or 71.62% in the after-hours trade.

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