Tenax Therapeutics (TENX.O) said on Monday its experimental heart drug failed to meet the main goal of a late-stage study.
Shares of the company plunged more than 80% in premarket trading following the update.
The company was testing the drug, TNX-103, in patients with pulmonary hypertension associated with heart failure with preserved ejection fraction, or HFpEF.
The trial did not show a significant improvement in how far patients could walk in six minutes compared with a placebo. It also missed a key secondary goal measuring quality of life.
