Aptinyx Evaluates Strategic Alternatives For Its Future After Failed Trials, 60% Layoffs

In March, Aptinyx Inc APTX completed an analysis of the data from the first 100 patients enrolled in its Phase 2b clinical study of NYX-783 50 mg in patients with post-traumatic stress disorder (PTSD).
The study was halted in February before its completion to support the company's capital preservation.
In the analysis, NYX-783 did not demonstrate sufficient improvement on the study's primary endpoint to support the continued advancement of the development program by Aptinyx.
The company is working with Ladenburg Thalmann as its financial advisor to assist in exploring and evaluating "strategic alternatives."
In March, Aptinyx reduced its workforce by approximately 60%.
Aptinyx reported cash and cash equivalents at $56.2 million as of Dec. 31. The company had $25.0 million of debt principal under a capital credit facility with K2 HealthVentures, which remains currently outstanding.
Last year, the company had another setback when its study in patients with advanced painful diabetic peripheral neuropathy showed its drug couldn't beat the placebo.
In February, the company announced that its Phase 2 study evaluating the effects of NYX-458 did not demonstrate clinically meaningful improvements over the placebo on the study's efficacy endpoints in patients with cognitive impairment associated with Parkinson's disease and dementia with Lewy bodies.
Price Action: APTX shares are down 4.12% at $0.1280 on the last check Friday.