- 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.
CBOE Volatility Index Drops; S&P 500 Closes Lower
The S&P 500 settled lower on Tuesday to start the holiday-shortened week.
The Federal Reserve, last week, left rates unchanged at the 5%-5.25% range on Wednesday.
