BrainStorm Shares Plummet Premarket After Negative FDA Panel Vote
By Colin Kellaher
Shares of BrainStorm Cell Therapeutics plunged nearly 60% in premarket trading Thursday after a U.S. Food and Drug Administration advisory committee voted overwhelmingly against the biotechnology company's NurOwn cell therapy for amyotrophic lateral sclerosis, the fast-moving, paralyzing condition commonly known as Lou Gehrig's disease.
The New York company late Wednesday said the panel voted that NurOwn didn't show substantial evidence of effectiveness for the treatment of mild to moderate ALS.
The FDA usually follows the advice of its advisory committees, but it isn't bound by the recommendations.
BrainStorm said it plans to "explore all options available to us" in the coming weeks.
Shares of BrainStorm, which closed Tuesday at 39.2 cents, were recently down 59% at 16 cents in premarket trading Thursday after trading was halted all day Wednesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 28, 2023 07:30 ET (11:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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