Florida-based biopharma Longeveron Inc. (NASDAQ:LGVN) which is engaged in the development of cell therapies for chronic age-related and life-threatening conditions, announced Friday results for a mid-stage study of its lead candidate.
Longeveron said data from the Phase 2b study of its lead product candidate Lomecel-B in aging frailty subjects showed that the four Lomecel-B cohorts did not show a statistically significant difference when compared to the placebo cohort for the primary efficacy endpoint of change in six-minute walk test distance at 180 days post-infusion.
All the cohorts, however, showed a mean increase from baseline.
The mid-stage study evaluated the safety and efficacy of a single peripheral intravenous infusion of four different doses of Lomecel-B cell therapy.
Moreover, the company announced second-quarter financial figures, which showed revenue was $0.5 million compared to $0.9 million in the same period in 2020. The difference was due to a decrease in clinical trial revenue and grant revenue, Second quarter 2021 grant revenue was $0.3 million compared to $0.9 million in the same period in 2020, a decrease of $0.6 million, or 68%. The reduction in grant revenue is due to the completion of several grant-funded clinical trials.
Net loss was $5.0 million in the second quarter 2021 compared to $1.2 million for the same period in 2020. The net loss per share was $0.26 compared to $0.08 for the same period in 2020.
LGVN shares plummeted 78 cents, or 14.5%, Friday morning to $4.63.