Aerovate Therapeutics Inc. is shutting down the ongoing phase III portion of its Impahct study of AV-101, an inhaled version of PDGFR inhibitor imatinib, after reporting top-line data from the phase IIb portion failed to meet primary and secondary endpoints in patients with pulmonary arterial hypertension (PAH). It was a major blow for the single-product company, sending shares (NASDAQ:AVTE) falling 93% to close June 17 at $1.65, down $22.97.