RTTNews | May 11, 2021 10:23AM EDT

10:22 Tuesday, May 11, 2021 (RTTNews.com) - Shares of Larimar Therapeutics, Inc. (LRMR) are slipping nearly 14% on Tuesday morning. The clinical-stage biotechnology company focused on rare diseases reported positive data from early stage study of CTI-1601 as a treatment for Friedreich's Ataxia.

LRMR is currently trading at $11.29, down $1.83 or 13.95%, on the Nasdaq.

Friedreich ataxia is a rare inherited disease caused by patients' inability to produce sufficient amounts of a protein called frataxin. This disorder is characterized by difficulty walking and poor balance, slowness and slurring of speech, a loss of sensation in the arms and legs, and heart palpitations and shortness of breath.

The company said study data demonstrate proof-of-concept by showing that daily subcutaneous injections of CTI-1601 for up to 13 days resulted in dose-dependent increases in frataxin levels from baseline compared to placebo in all evaluated tissues.

Safety data indicate that repeated subcutaneous injections of CTI-1601 were generally well tolerated at doses up to 100 mg administered daily for 13 days.

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