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June 9, 2020, 5:54 p.m. EDT

Denali down 10% on pause in neurological drug

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By Josh Beckerman

Denali Therapeutics Inc. shares fell 10% to $23.02 as the company said it will pause clinical studies with DNL747.

Denali, which is collaborating with Sanofi on DNL747, reported results from Phase 1b studies of the molecule in Alzheimer's disease and amyotrophic lateral sclerosis.

"Together with our partner Sanofi, we have decided to pause clinical studies with DNL747 and focus our efforts on accelerating development of DNL788, which we believe has superior drug properties and a more rapid path toward proof-of-concept clinical studies in patients in multiple neurological indications," Denali said.

The decision reflects "emerging evidence that higher levels of target inhibition may be required for maximizing efficacy," but Denali is "encouraged by the emerging pathway biomarker data in Alzheimer's disease and ALS patients."

Write to Josh Beckerman at josh.beckerman@wsj.com

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