Australia's Neuren sinks on setback for Rett treatment drug application from European regulator

Shares of biopharma firm Neuren Pharmaceuticals NEU.AX tumble as much as 22.1% to A$12.660, posting their biggest intraday pct loss since early August 2018

Stock is the top drag on the ASX 200 .AXJO, which is up 1.3%

NEU says licensee Acadia Pharmaceuticals ACAD.O has reported that a committee of the European Medicines Agency issued a negative trend vote on its marketing-authorisation application for the trofinetide drug

Adds, depending on the outcome of the committee's vote in February, ACAD plans to request a re-examination of the opinion once it is formally adopted

Trofinetide is a medication used to treat Rett syndrome

Shares heading for their eighth straight session of losses

Over 459,500 shares change hands, 1.5x the 30-day avg

Stock down 20.9% YTD