$TCDA cutting more than half of staff after late-stage failure of drug for CKD patients
Kidney drug developer Tricida Inc. will cut more than half of its workforce after its lead drug failed a late-stage clinical trial.
The nine-year-old company, which last reported that it had 57 employees, said it will cut 57% of its staff this month. Severance payments and other employee-related costs, totaling about $2 million, will be paid out this quarter or in first-quarter 2023. Tricida last month said early data from a Phase III study showed its lead drug, veverimer, failed to slow the progression of chronic kidney disease in patients with CKD or a build-up of hydrochloric acid. Its stock fell more than 94% in a single day.and his team, Tricida designed veverimer to treat metabolic acidosis in CKD patients. Metabolic acidosis patients accumulate too much hydrochloric acid, leading to bone and muscle loss, insulin resistance and progression of kidney disease.
Tricida's once-a-day powder mixed with two ounces of water was meant to stay in the gastrointestinal tract to bind to the acid and remove the acid via the feces.
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