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 The drug developer said on Monday that the drug, PINTA 745, did not
improve physical function, levels of inflammation and blood sugar in
patients in the study.
Atara's shares fell nearly 26 percent in light premarket trading.
PINTA 745 was aimed at treating patients with end stage renal
disease by blocking the protein, myostatin, and improving kidney
function.
The company said it would now use its cash on hand to develop its
cancer products, most of which belong to a new promising class of
drugs called T-cell therapies.
T-cell therapies are compounds that make it easier for immune cells
to identify and destroy cancer cells.
Atara has three T-cell products under development and two other
experimental drugs targeting various kinds of cancer.
The company said it had $334.3 million in cash and equivalents,
which was sufficient to develop the drugs in its pipeline.
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Atara's shares were trading at $24.68 before the bell.
(Reporting by Vidya L Nathan in Bengaluru; Editing by Kirti Pandey)
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