Why Is Dermatology Focused Aclaris Therapeutics Stock Trading Higher Today?

Author: Vandana Singh | January 16, 2024 12:47pm

Aclaris Therapeutics Inc (NASDAQ:ACRS) has announced leadership changes as the company undertakes a strategic review of its business.

Aclaris and Douglas Manion have reached a mutual agreement for him to immediately step down from his roles as Chief Executive Officer, President, and Board Member at Aclaris.

Also Read: Analyst Highlights Aclaris Therapeutics’ Encouraging Efficacy For Eczema Candidate, But Cautions On Data Variations.

In connection with his departure, the Board has appointed Neal Walker, Aclaris’ Chairman of the Board of Directors, as Interim Chief Executive Officer. 

Dr. Walker is a co-founder of Aclaris, has been a member of the Board of Directors since its inception, and previously served as Aclaris’ Chief Executive Officer until 2022.

Concurrently, Aclaris also announced that it is conducting a strategic review. 

On a preliminary unaudited basis, as of Dec. 31, 2023, Aclaris’ aggregate cash, cash equivalents, and marketable securities were approximately $182 million.

Aclaris also reiterates the following business plans:

• ATI-1777: Aclaris is seeking a development and commercialization partner for ATI-1777, its investigational topical “soft” JAK 1/3 inhibitor. Aclaris recently reported top-line results from its Phase 2b trial in atopic dermatitis.
• ATI-2138: Aclaris is assessing the most effective pathway, including the lead indication for ATI-2138, its Phase 2 ready investigational oral covalent ITK/JAK3 inhibitor. Aclaris announced results from its Phase 1 MAD trial of ATI-2138 in 2023.
• Discovery: Aclaris plans to continue to advance discovery programs through KINect, its proprietary drug discovery platform.

Price Action: ACRS shares were up 25% at $1.16 at last check Tuesday.

Also Read: Inflammatory Disease Focused Aclaris Therapeutics Reduces Staff After Failed Psoriatic Arthritis Study.

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Posted In: ACRS