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Here's Why Cara Therapeutics (CARA) Shares Plummeted 31% Today

Shares of Cara Therapeutics CARA nosedived 31% Friday in morning trading after the company announced disappointing results on the CR845 oral medication from a phase 2b trial.

Cara, a biopharmaceutical company that focuses on developing chemical entities to alleviate pain and pruritus, reported that CR845 failed to produce lower pain scores compared to a placebo. Patients taking 1.0 mg, 2.5 mg, or 5.0 mg of CR845 experienced as much pain as those not taking the medication with osteoarthritis (OA) of the knee or hip.

I.V. CR845, a kappa opioid receptor agonist, is supposed to treat acute and chronic pain. The phase 2b trial results show that CR845 will not be replacing problematic opioids, such as...