Pardes Biosciences Looks For Alternatives After Failed COVID-19 Study

Pardes Biosciences Inc PRDS reported topline results from its Phase 2 clinical trial evaluating pomotrelvir (previously PBI-0451) for mild-to-moderate COVID-19 in vaccinated adults without risk factors for developing severe disease.
Pomotrelvir did not meet the primary endpoint measured by the proportion of participants below the detection limit for infectious SARS-CoV-2 on day 3 of treatment with pomotrelvir versus placebo.
70% reached undetectable levels in the pomotrelvir-treated group versus 63% in the placebo group (p=0.57).
Otherwise, healthy, vaccinated adults without risk factors for progression to severe disease experienced rapid clearance of the SARS-CoV-2 virus and evidence of rapid alleviation of targeted and key COVID-19 symptoms independent of treatment arm.
The company will suspend further development of pomotrelvir and explore a range of strategic alternatives.
As of March 31, 2023, the company's preliminary cash, cash equivalents, and short-term investments totaled approximately $172.4 million, sufficient to fund operations for the next twelve months.
Price Action: PRDS shares are up 6.82% at $1.41 on the last check Monday.