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Aug. 10, 2018, 7:04 a.m. EDT

Gemphire Therapeutics stock plunges after trial halted due to 'unanticipated problems'

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By Tomi Kilgore

Shares of Gemphire Therapeutics Inc. plunged 17% toward a record low Friday after the biopharmaceutical company said a phase 2a trial of its treatment for non-alcoholic fatty liver disease in pediatric patients will be terminated, citing "unanticipated problems." The company said the data and safety monitoring board at Emory University overseeing the trial recommended the termination. Gemphire said data on the first three patients undergoing 12 weeks of treatment all experienced an increase in liver fat content, which was deemed an unexpected problem. "We remain confident that gemcabene has the potential to be an effective therapy for a host of cardiometabolic patients and we intend to continue to develop gemcabene to address multiple indications," said Chief Executive Steven Gullans. The stock has plunged 59% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF /zigman2/quotes/206189322/composite IBB +1.74% has climbed 9.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.40% has gained 6.7%.

US : U.S.: Nasdaq
$ 134.82
+2.30 +1.74%
Volume: 1.56M
Aug. 15, 2022 4:15p
+16.99 +0.40%
Volume: 2.22B
Aug. 15, 2022 5:46p

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