Vyne halts skin disease drug trial after failure; shares plunge

Shares of VYNE Therapeutics VYNE.O plummet 72% to an all-time low of 40 cents

Stock set for its worst day in over 7 years, if losses hold

Co says its skin disease drug, Repibresib gel, for vitiligo failed to meet its mid-stage trial goals, of improving facial vitiligo by at least 50% or 75%

VYNE will halt the trial's ongoing extension phase and seek an external partner to continue developing Repibresib

Repibresib gel caused more mild skin side effects and application site pain than placebo, co says

Co had about $39.6 million in cash as of June 30

Including session's move, stock down 88% YTD