Viracta Therapeutics Ends Naval-1 Clinical Trial and Is Exploring Strategic Alternatives

Dow Jones2024-12-27

By Stephen Nakrosis

Viracta Therapeutics shares were trading lower after it said it will end an ongoing trial of Nana-val and its board has initiated a process to explore strategic options.

The strategic options being considered include a merger, licensing agreement, or sale, among other options, Viracta said Thursday.

The company said it is voluntarily closing a Phase 2 trial of Naval-1, which was evaluating the drug as a treatment for certain lymphoma patients, in order to maximize its cash runway. The company said the decision to end the trial was not the result of any new safety finding.

In November, the company said it was cutting its workforce and reducing the size of the board to six from 10. The company at the time also said it was enhancing its focus on developing Nana-val in certain patients with T-cell Lymphoma.

After the bell, Viracta's shares had fallen 19%, to trade at 20 cents per share. The stock closed Thursday's regular session at 23 cents per share. Year to date, the stock has fallen more than 58%.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 26, 2024 17:02 ET (22:02 GMT)

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