- Allena Pharmaceuticals Inc (NASDAQ:ALNA) says it lacks the financial resources to conduct studies for ALLN-346 for hyperuricemia and gout in the setting of advanced chronic kidney disease.
- The company continues to evaluate the data from cohorts A and B of Study 202 and the long-term viability of the ALLN-346 clinical program.
- In light of the clinical data observed to date, in particular the data from Study 201, which demonstrated a potential GI-based mechanism of action, it is possible that the clinical effect could be more pronounced in a more acute patient population (cohort C) or when used in combination with allopurinol (cohort D).
- However, Allena currently lacks the financial resources to conduct these studies.
- The company needs to raise capital imminently to continue as a going concern. Allena also said it would need to implement additional cost reduction strategies unless it can raise capital.
- As previously disclosed, the company has initiated a strategic process to explore a range of strategic and financing alternatives.
- Price Action: ALNA shares are up 0.31% at $0.13 during the market session on the last check Thursday.
Goldman Sachs Maintains Buy on Cue Health, Lowers Price Target to $6
Goldman Sachs analyst Matthew Sykes maintains Cue Health (NASDAQ:HLTH) with a Buy and lowers the price target from $7 to $6.
