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Zura Bio plunges to record low as skin disease drug fails mid-stage study

By Reuters News

** Shares of biotech firm Zura Bio ZURA.O plunge about 76% to 97 cents after hitting a record low of 93 cents earlier

** Stock on track for its worst one-day performance ever

** Co says experimental drug tibulizumab failed the main goal of a 247-patient mid-stage study in hidradenitis suppurativa, a chronic disease that causes painful lumps under the skin

** Drug also missed key secondary goals, including measures of at least 50% and 75% reductions in skin lesions — ZURA

** Two doses reduced lesion counts by 56% and 58.1%, versus 52.5% for placebo after 16 weeks — ZURA

** Zura will discontinue the drug’s development for the skin disease but continue studies in two other inflammatory conditions

** Including session's move, stock down ~81% YTD

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