Shares of Eliem Therapeutics, Inc. (ELYM) more than halved on Monday morning hurt largely by the clinical-stage biotechnology company's update from trials of ETX-810 and ETX-155.
ELYM is currently trading at $2.80, down $3.71 or 56.99%, on the Nasdaq, on a volume of 1.4 million shares, above average volume of 50 thousand shares. The stock had opened its trading at $2.75 after closing Friday's trading at $6.51. The stock has traded between $2.61 and $29.69 in the past 52-week period.
ETX-810 is a novel, new chemical entity prodrug of the bioactive lipid palmitoylethanolamide (PEA) that is currently being evaluated in two Phase 2a clinical trials in subjects with DPNP and lumbosacral radicular pain (LSRP), commonly referred to as sciatica.
According to the company, in the Phase 2a clinical trial in DPNP, ETX-810 did not achieve statistically significant separation from placebo on the trial's primary endpoint, which assessed the change from baseline to week 4 in the weekly average of the daily pain score measured with the Pain Intensity Numerical Rating Scale (PI-NRS).
ETX-155 is a novel neuroactive steroid GABAA receptor positive allosteric modulator that the company plans to evaluate in subjects with major depressive disorder (MDD), perimenopausal depression (PMD), and epilepsy.
ETX-155 is in an ongoing Phase 1b proof-of-concept trial in photosensitive epilepsy (PSE). Last month, the company received clearance to proceed with an IND to progress ETX-155 in Phase 2a clinical trials in depression.
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