(Reuters) – Allakos Inc said on Tuesday that it plans to discontinue the development of its experimental skin disease drug after it failed two mid-stage studies.
The company also said it aims to cut 50% of its workforce as part of a restructuring.
The company was testing its experimental drug, called lirentelimab, as a potential treatment for the skin conditions atopic dermatitis and chronic spontaneous urticaria.
The drug did not help reduce symptoms of either conditions across two mid-stage studies and failed to meet the main goals.
Shares of the drug developer were halted in premarket trading.
(Reporting by Sneha S K; Editing by Sonia Cheema)
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