(Reuters) - Biotechnology company Neurocrine Biosciences Inc said it had suspended two planned clinical trials of its experimental drug to treat a potentially life-threatening genetic disorder called congenital adrenal hyperplasia.
The company’s shares fell as much as 14.7 percent to $38.63 in after-market trading on Monday. The stock had touched a nine-year high of $45.98 during regular trading hours.
Neurocrine suspended the trials of the drug, NBI-77860, citing certain preclinical findings that had not been observed in previous animal studies.
The U.S. Food and Drug Administration has informed Neurocrine that the drug’s development program would be placed on partial clinical hold, the company said.
The company said it would continue working with the FDA to decide the next step for the drug.
Reporting by Anjali Rao Koppala in Bengaluru; Editing by Simon Jennings