UPDATE 1-Drug developer 9 Meters Biopharma files for bankruptcy protection

Reuters2023-07-18

(Adds details on drug pipeline in paragraphs 2,3)

July 18 (Reuters) - Drug developer 9 Meters Biopharma

and its units have filed for Chapter 11 bankruptcy protection, it said in a regulatory filing on Tuesday, sending its shares tumbling 66% in premarket trading.

The disclosure comes months after it said it was preparing to test an obesity drug candidate in human trials.

The company was also testing another drug candidate, vurolenatide, in a mid-stage trial for the potential treatment of short bowel syndrome.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Arun Koyyur)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))

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