Tenax Therapeutics shares plunged 84% to $2 in early trading after the company reported negative results from a late-stage clinical trial.
Drop in Tenax Therapeutics share price in early trading following trial results.
The Phase 3 study, called LEVEL, evaluated an experimental treatment for a type of heart failure associated with high blood pressure in the lungs. The drug under investigation was an oral formulation of levosimendan.
Tenax Therapeutics said the LEVEL study failed to achieve its primary efficacy goal. The difference between the drug and the placebo was not statistically significant.
In the trial, the drug improved exercise capacity by 14 meters on a six-minute walking test. The placebo group showed an improvement of 10.4 meters on the same test.
