Shares of Dermira tumbled after the company disclosed its treatment of acne fell short in two trials involving patients ages 9 or older.
The company said the treatment, known as olumacostat glasaretil, did not reduce a sufficient number of lesions in the patients to meet the goals of two Phase 3 trials.
“This is disappointing not only for the company, but also for patients who are living with this condition and dermatologists who have been looking for novel therapies to treat them,” Tom Wiggans, chairman and CEO of Dermira, said in a press release Monday.
The stock tumbled more than 60% in early trading Monday. As of Friday, the stock had dropped more than 33% from a year earlier.
Of the 60 million people in the U.S. with acne, 20% have a form bad enough that leads to scarring on the skin, according to AcnEase, a blog on acne treatment.