Sarepta shares tumble after report of patient death in early-stage trial

Investing.com -- Sarepta Therapeutics shares plunged premarket on Friday after the company disclosed another patient death linked to its gene therapy programs, this time during an early-stage trial for limb-girdle muscular dystrophy, according to Bloomberg.

The report stated that a Sarepta (NASDAQ: SRPT) spokesperson told Bloomberg that a patient died last month from acute liver failure after receiving an experimental treatment.

Regulators and trial investigators were informed “in an appropriate and timely manner,” the spokesperson added in a statement cited by Bloomberg.

“While we do everything possible to ensure patient safety, there is inherent risk in clinical trials, and we are grateful to the courageous patients and families who participate,” the spokesperson said.

Shares of Sarepta dropped as much as 22% in premarket trading and are down about 85% in the past 12 months through Thursday’s close.

Bloomberg noted that the latest fatality follows two earlier deaths involving teenage boys who died of acute liver failure while being treated with Elevidys, Sarepta’s gene therapy approved for Duchenne muscular dystrophy.

On Wednesday, Sarepta said it would add a liver failure warning to Elevidys’ label at the request of the U.S. Food and Drug Administration.

On the same day, Sarepta announced plans to cut more than one-third of its workforce and pause several pipeline programs, which it expects will contribute to an expected $400 million in annual cost savings.

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