UPDATE 1-Neumora Therapeutics scraps depression drug after two late-stage trial failures

Neumora Therapeutic

Neumora Therapeutic

NMRA

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June 15 (Reuters) - Neumora Therapeutics NMRA.O said on Monday it would stop developing its depression drug after two late-stage trials failed to meet their main goals.

The company was testing the drug, navacaprant, in patients with major depressive disorder.

Neumora also said it would cut about 35% of its workforce to reduce costs, with expected annual savings of around $10 million. The company expects one-time restructuring costs of around $2 million.

Its shares were halted in premarket trading.


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