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Zafgen Crashes On As Company Ceases Beloranib Program

Summary

Zafgen announced that beloranib program will cease.

Zafgen will reduce workforce by 34%.

Company announces new anti-obesity strategy.

A month ago Zafgen (NASDAQ:ZFGN) investors were holding out hope that the company was on a path to an FDA approval for the anti-obesity drug candidate beloranib. The company issued a press release showing that there was new positive data on the drug that had setbacks when patients with a rare obesity condition died. Given the amount of time that had passed since the clinical hold was placed on beloranib, it looked as if the company was actually making progress to allow the drug to continue on a path for an approval decision.

Today the company reversed course and stunned its investors by a>


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