New lows as Menlo drops serlopitant at last
While shares in Menlo Therapeutics (Nasdaq: MNLO) were changing hands for near to $7 in mid-January, a Phase III failure for serlopitant, set against the wider bear market, has sent the stock to record lows.
After a near 50% drop, shares in the New Jersey, USA-based company were trading for around $1.40 at the closing bell on Monday.
The bad news from the dermatology specialist relates to top line results from two Phase III clinical trials, MTI-105 and MTI-106, testing serlopitant for the treatment of pruritus (itch) associated with prurigo nodularis (PN).
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