Grace Therapeutics falls after FDA declines to approve stroke drug

Shares of drug developer Grace Therapeutics GRCE.O fall 50% to $2.12

GRCE says the U.S. Food and Drug Administration declined to approve its drug for a rare type of stroke, citing deficiencies in chemistry, manufacturing and controls and non-clinical data

The drug GTx-104 is for the treatment of aneurysmal subarachnoid hemorrhage, a critical, often fatal form of stroke caused by a ruptured brain aneurysm

Co says it intends to request a meeting with the FDA to clarify the path forward and determine the appropriate next steps

GRCE stock down 38% YTD