04:23 PM EDT, 06/12/2024 (MT Newswires) -- Cara Therapeutics ( CARA ) said late Wednesday the results of a trial assessing the efficacy and safety of oral difelikefalin to treat notalgia paresthetica, a nerve disorder, didn't demonstrate meaningful clinical benefit compared to placebo.

The company has decided to discontinue its clinical program in notalgia paresthetica.

"We will be winding down the Phase 2/3 clinical program in [notalgia paresthetica] and exploring strategic alternatives focused on maximizing shareholder value," said Cara Chief Executive Christopher Posner.

The company said, as of March 31, it had about $70 million in cash, cash equivalents, and marketable securities.

Cara shares were down more than 15% in after-hours activity.

Price: 0.5761, Change: -0.10, Percent Change: -15.22