RTTNews | Jul 2, 2021 10:05AM EDT

10:05 Friday, July 2, 2021 (RTTNews.com) - Shares of Arrowhead Pharmaceuticals, Inc. (ARWR) tanked nearly 20% on Friday morning after the drug company said it has paused a mid-stage study of ARO-ENaC, the company's investigational treatment for patients with cystic fibrosis.

ARWR is currently trading at $68.73, down $16.23 or 19.10%, on the Nasdaq.

Arrowhead Pharmaceuticals said it notified regulatory agencies, institutional review boards, and investigators that effective immediately it is voluntarily pausing AROENaC1001, a Phase 1/2 clinical study of ARO-ENaC, the company's investigational RNA interference (RNAi) therapeutic being developed as a treatment for patients with cystic fibrosis (CF).

The decision was based on a preliminary update from an ongoing chronic toxicology study in rats that contained unexpected signals of local lung inflammation. The company has instructed investigators to pause new screening, enrollment, and any further dosing of investigational ARO-ENaC pending additional data from the ongoing chronic rat toxicology study and an additional ongoing chronic primate toxicology study.

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