Praxis Precision Reports Negative Results from Monotherapy Aria Study in Patients with Major Depressive Disorder
Jun 6, 2022 By MarketDepth
Praxis Precision Medicines, Inc. (NASDAQ: PRAX) has reported results from a Phase 2/3 Aria Study that evaluated the efficacy and safety of PRAX-114 for monotherapy treatment of major depressive disorder. It did not achieve statistical significance on the primary endpoint. “We are surprised and disappointed in the Aria Study results,” said Marcio Souza, president and chief executive officer of Praxis. “PRAX-114 was well-tolerated in the Aria Study, yet the effect did not deliver to meet the needs of patients. Praxis is committed to our mission to help people suffering from CNS disorders and will prioritize our programs in movement disorders and epilepsy moving forward. We want to thank all of the patients, investigators and partners who participated in the Aria Study.”
Reduction of Company Workforce
The strategic realignment will result in a reduction of the Company’s workforce and future operating expenses. As a result of the realignment, the Company’s cash runway will now extend into 2024. The strategic alignment will focus on delivering Phase 2b results for PRAX-944 in essential tremor (Essential1 Study) and proof-of-concept for PRAX-562 in epilepsy and advancing the pre-clinical pipeline.