Clarity Pharmaceuticals shares slide 10% on further losses
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The news: Clarity Pharmaceuticals shares dropped by more than 10% in morning trade after the clinical-stage radiopharmaceutical company extended its losses from $17.2 million to $23.5 million during the first half.
The numbers: Clarity shares were down 10.1% to $3.20 at 11:30am AEDT, making it the worst performing ASX 200 stock.
The company's half-year report, released on Friday afternoon, showed that research and development spending surged by $8.9 million year on year to $28.6 million, tracking an increase in clinical trial activities.
The context: Clarity, which entered the ASX 200 index in December three years after listing, received three fast track designations by the US Food and Drug Administration in the space of six months for its prostate diagnostic Cu-SAR-bisPSMA.
Meanwhile, the company's three lead products SAR-bisPSMA, SAR-Bombesin and SARTATE are actively progressing through eight clinical trials, comprising three theranostic trials and five diagnostic trials.
The source: ASX
