BUZZ-Zura Bio shares plummet after mid-stage trial failure of skin disease drug

November 9 - ** Biotechnology company Zura Bio ZURA.O's share price plunged 68.2% to $1.30 in pre-market trading

** The company stated that experimental drug tibulizumab (link) failed to meet its primary goals in a study of 247 patients with hidradenitis suppurativa, a chronic disease that causes painful lumps under the skin

** The drug also did not meet key secondary endpoints, including a reduction of skin lesions by at least 50% and 75%—ZURA

** After 16 weeks, the two dosage groups showed lesion reductions of 56% and 58.1%, compared to 52.5% in the placebo group—ZURA

** Zura will halt development of the drug for this skin condition, but will continue research for two other inflammatory diseases

** As of the previous trading day's close, the stock was down about 22% for the year

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