Aeon Biopharma Inc.’s stock plunged 53% in intraday trading May 3 on the company’s announcement of disappointing results from testing of its migraine drug. The Irvine-based clinical-stage company (NYSE: AEON) said its ABP-450 treatment for the prevention of chronic migraine did no better than placebo in a Phase 2 trial.
Aeon Biopharma, which is currently testing a botulinum toxin complex to treat migraines and other ailments, went public through a special purpose acquisition company, also known as a SPAC, on July 24.