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Unity Biotechnology said Monday that its experimental treatment for osteoarthritis failed to improve knee pain compared to a placebo in a mid-stage clinical trial.

The outcome is likely to raise new doubts about the biotech’s ability to develop drugs to reverse the symptoms and diseases associated with aging.

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Unity shares fell 55% to $5.65 in early trading. The company went public in 2018 at $17 per share.

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