(Reuters) -Harmony Biosciences said on Wednesday its experimental drug for a type of rare genetic disorder failed to meet the main goal in a late-stage trial, sending its shares down 8% before the bell.
The company has been studying the drug named ZYN002 in patients with Fragile X syndrome, which is the leading cause of inherited intellectual disabilities.
The drug failed to show improvement in social avoidance during the trial primarily due to a higher-than-expected placebo response rate, the company said.
ZYN002 is being developed as a pharmaceutically manufactured cannabidiol administered as a transdermal gel.
(Reporting by Sriparna Roy in Bengaluru; Editing by Shreya Biswas)
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