Praxis tanks as it presents mixed results for ulixacaltamide

Shares of Boston, USA-based biotech Praxis Precision Medicines (Nasdaq: PRAX) sank almost 66% to $1.00 on Friday, after it said it would move its most advanced experimental drug into late-stage human testing, despite reporting that ulixacaltamide failed to meet the main goal of a mid-stage clinical trial.

The company announced top-line results from the Essential1 study evaluating the efficacy, safety and tolerability of ulixacaltamide (PRAX-944) for the treatment of essential tremor (ET).

In Essential1, ulixacaltamide treated participants demonstrated improvement relative to placebo participants in the primary endpoint, change from baseline to Day 56 in the modified Activities of Daily Living (mADL1) score, that did not reach statistical significance.