Shares of Novus Therapeutics Inc. (NVUS) lost nearly half their value in active trading Monday, after the specialty drug maker announced disappointing trial results of its ear infection treatment. Trading volume spiked to 5.3 million shares, well above the full-day average of about 953,000 shares, as the stock plunged 46%. The company said a phase 2a trial of OP0201 in acute otitis media did not achieve statistical significance in achieving its primary targets for results. The company said, however, it was encouraged by the statistical trend that favored the OP0201 treatment group with regard to middle ear effusion. Separately, Novus said it has starting exploring options to maximize shareholder value, including engaging Ladenburg Thalmann as financial advisor. The options could include a financing to continue developing its surfactant-based nasal aerosol, a sale of the company or assets, or other deals. Despite the stock's selloff, it has still gained 17% year to date, while the S&P 500 has lost 5.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 01, 2020 09:50 ET (13:50 GMT)
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