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Gossamer Bio gains after rival Aerovate scraps late-stage trial of lead drug

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** Shares of drug developer Gossamer Bio GOSS.O rise 14% to 59 cents after competitor Aerovate Therapeutics AVTE.O scraps late-stage trial of lead lung disease drug

** Aerovate's sole product, called AV-101, failed on key goals in the mid-stage portion of a mid-to-late-stage study, sending shares down more than 92% to $1.89

** AV-101 was tested in adults with a pulmonary arterial hypertension (PAH), characterized by high blood pressure in the arteries of the lungs

** Gossamer's experimental therapy, seralutinib, is currently in late-stage development for PAH treatment

** Brokerage Leerink Partners said Aerovate's update has no efficacy readthrough to GOSS that has already generated encouraging mid-stage results

** "With AVTE's program now discontinued, there could be more PAH patients available for GOSS to potentially enroll" - brokerage

** Current treatment options include Merck's MRK.N Winrevair, which was approved by the U.S. FDA in March

** Including session's rise, GOSS down more than 34%

Reporting by Pratik Jain in Bengaluru


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