08:31 AM EDT, 05/03/2024 (MT Newswires) -- AEON Biopharma ( AEON ) shares tumbled more than 55% in premarket activity Friday after the company said that its preventive treatment for chronic migraine, ABP-450, did not meet the primary endpoint of its phase 2 trial.

"ABP-450 did not demonstrate statistically significant superiority over placebo in this interim readout," said AEON Chief Executive Marc Forth.

The primary endpoint of mean reduction in monthly migraine days showed a reduction of 8.5 days in the 150 U arm and 7.7 days in the 195 U arm, compared with the 8.4 days in the placebo arm, the company said.

"While the company will continue to evaluate the complete dataset and determine the next steps in the development of ABP-450, it has immediately commenced cash preservation measures and will review all strategic options," AEON said.

Price: 1.6150, Change: -1.74, Percent Change: -51.93