Stock Alert: Gossamer Bio Tanks 33%

Shares of Gossamer Bio, Inc. (GOSS) are down more than 33% Tuesday morning after the company said the phase IIb study of its drug candidate in patients with moderate-to-severe eosinophilic asthma did not meet primary end point and the phase IIa study in patients with chronic rhinosinusitis did not meet primary or secondary endpoints.

The phase IIb study of the company's investigational drug GB001, dubbed LEDA, conducted on 480 patients with moderate-to-severe eosinophilic asthma did not meet the primary endpoint of asthma worsening, the company said.

Also, in the phase IIa study of GB001, dubbed TITAN in 97 patients with chronic rhinosinusitis with and without nasal polyps, neither the primary nor the secondary endpoints of were met.

"While we did not achieve statistical significance on the primary endpoint in the LEDA Study, we are encouraged by the consistent results observed for all three doses of once-daily, oral GB001 therapy across the primary and secondary endpoints," said Sheila Gujrathi, M.D., Co-Founder and Chief Executive Officer of Gossamer.

GOSS stock is currently trading at $9.05. It has been trading in the range of $7.52- $27.15 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Biotech Investor.
Editors Pick
Google, owned by Alphabet Inc., plans to merge its teams working on Maps products and the mapping service Waze with effect from December 9, reports said. The decision to consolidate processes comes as the search giant is facing pressure to streamline operations and cut costs. The restructuring is expected to reduce overlapping work across the Waze and Maps products. The Pentagon announced that up to $9 billion worth of cloud-computing contracts were awarded to Google, Oracle, Amazon, and Microsoft. In a statement, the U.S. Department of Defense said, "The purpose of this contract is to provide the Department of Defense with enterprise-wide, globally available cloud services across all security domains and classification levels..." Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process.
Follow RTT