Genfit is halting all work on its lead drug in the fatty liver disorder nonalcoholic steatohepatitis (NASH) and implementing a corporate restructuring that will cut 40 percent of its staff, splitting the remaining workforce into two distinct business units.
The announcement after the market close on Wednesday follows the May failure of the drug, elafibrinor, in a pivotal NASH study. At the time, the company attributed the surprising result to a higher than anticipated placebo response. Genfit (NASDAQ: GNFT) pledged to review the data to see if there was a path forward in NASH.
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UNDERWRITERS AND PARTNERS
Author: Frank Vinluan
Date : 2020-09-30T23:53:19.000Z