June 29 (Reuters) - Cara Therapeutics Inc on Thursday reported mixed results from a pivotal trial testing the drug developer’s chronic pain treatment in patients with osteoarthritis of the knee or hip.
Shares of the company fell 21.6 percent to $20 after the bell.
The drug developer was testing three dosages of the drug, CR845, against a placebo.
Two dosages of the drug - 1 mg and 2.5 mg - failed to meet the main goal of reducing pain intensity in patients, while the 5 mg dose exhibited a statistically significant reduction in joint pain, the company said. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta)