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Why Reata Pharmaceuticals Shares Are Falling Monday?

  • According to various reports, the FDA's neuroscience expert Billy Dunn is leaving the agency after more than 15 years, effective immediately.

  • Dunn presided over the controversial approval of Biogen Inc's (NASDAQ: BIIB) Alzheimer's disease treatment, Aduhelm (aducanumab).

  • Dunn, 53, is retiring from the agency to "explore other opportunities," according to an internal FDA email. Dunn notified agency officials Friday, according to a person with knowledge of the situation.

  • Reata Pharmaceuticals Inc (NASDAQ: RETA) shares are falling in reaction to the news as its marketing application seeking approval for omaveloxolone for Friedreich's ataxia is due on 28 February.

  • The FDA has already postponed the application after the company submitted additional data.

  • Friedreich ataxia is a rare inherited disease that causes progressive damage to your nervous system and movement problems.

  • Nerve fibers in your spinal cord and peripheral nerves degenerate, becoming thinner.

  • Price Action: RETA shares are down 35.7% at $28.61 on the last check Monday.

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This article Why Reata Pharmaceuticals Shares Are Falling Monday? originally appeared on Benzinga.com

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