Allena Pharmaceuticals Inc (NASDAQ:ALNA) says it lacks the financial resources to conduct studies for ALLN-346 for hyperuricemia and gout in the setting of advanced chronic kidney disease.
The company continues to evaluate the data from cohorts A and B of Study 202 and the long-term viability of the ALLN-346 clinical program.
In light of the clinical data observed to date, in particular the data from Study 201, which demonstrated a potential GI-based mechanism of action, it is possible that the clinical effect could be more pronounced in a more acute patient population (cohort C) or when used in combination with allopurinol (cohort D).
However, Allena currently lacks the financial resources to conduct these studies.
The company needs to raise capital imminently to continue as a going concern. Allena also said it would need to implement additional cost reduction strategies unless it can raise capital.
As previously disclosed, the company has initiated a strategic process to explore a range of strategic and financing alternatives.
Price Action: ALNA shares are up 0.31% at $0.13 during the market session on the last check Thursday.

Allena Pharma Needs To Raise Capital To Continue As A Going Concern