(CercleFinance.com) – GeNeuro remained unlisted on the Paris Stock Exchange on Friday morning, where sell orders were flooding into the market following the failure of its phase 2 study in post-Covid-19 syndrome.
Initial results from the trial show that treated patients did not have a clinically significant improvement compared to placebo on the primary endpoint measuring improvement in fatigue.
The majority of secondary endpoints also did not show a material effect.
The trial – which involved more than 200 patients in Switzerland, Spain and Italy suffering from post-Covid-19 neuropsychiatric syndromes – aimed to test the effectiveness of temelimab compared to placebo.
Following these disappointing results, the company decided to further reduce its operating costs and workforce in order to preserve its cash flow, terminating the employment contracts of seven out of nine employees of the parent company, including those of members of the management team.
All employees and managers will work through their notice period, up to six months, to implement a new strategic plan.
The company says it will continue to seek ways to advance or monetize its multiple sclerosis and amyotrophic lateral sclerosis assets in development, as well as its human endogenous retrovirus (HERV) platform.
