Zynerba’s Marijuana Flop
Cannabisnoid-based drug developer Zynerba Pharmaceuticals Inc. (ZYNE) has scrapped the development of its THC prodrug candidate ZYN001 after a failed clinical trial. Shares of Zynerba closed nearly 5 percent down on Thursday.
The company said the top line results of its phase 1 study indicate that target blood levels of 5 to 15 ng/ml THC were not achieved. The company now plans to focus its developmental efforts and investment on ZYN002 Fragile X syndrome.
“This Phase 1 study was a single and multiple dose, placebo-controlled first-in-man study to assess the safety and pharmacokinetics of ZYN001 administered as a transdermal patch to healthy adult subjects,” Zynerba said in a statement. “Several formulations and patch wear times ranging from 24 hours to 14 days were assessed in in 60 healthy subjects who were randomized to ZYN001 or placebo.”
The company said it now believes that the cash and cash equivalent position of $52.1 million as of March 31, 2018 is sufficient to fund operations and capital requirements into the second half of 2019.