Why Kintara Therapeutics (KTRA) Shares Are Getting Obliterated

Kintara Therapeutics Inc KTRA shares are trading lower by 36% to $0.49 Wednesday afternoon and lower by 87% since Tuesday's open. The company has decided to stop developing their drug VAL-083 for glioblastoma because it didn't show better results than current treatments.

Kintara is now concentrating on REM-001, a localized tumor treatment, and looking into ways to enhance shareholder value through strategic options.

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What Else?

Preliminary study results for VAL-083 were disappointing, but the company says more data will be available in 2024 for further evaluation. They are planning to start a study for REM-001 in cutaneous metastatic breast cancer by the end of 2023, supported by a $2 million NIH grant.

Meanwhile, REM-001, a photodynamic therapy, has shown promise in previous trials, with an impressive 80% complete response rate in cutaneous metastatic breast cancer.

According to data from Benzinga Pro, KTRA has a 52-week high of $15.50 and a 52-week low of $0.48.