Tenax Therapeutics Inc., a pharmaceutical company in the critical care market, saw its stock fall by more than 70 percent after it announced disappointing results from its Phase 3 heart medication LEVO-CTS trial on Tuesday.

The study did not show a statistically significant reduction in the dual endpoint of death; however, the study demonstrated significantly significant reductions in reduction in low cardiac output syndrome.

Tenax Therapeutics fell more than 73 percent to 52 cents in early morning trading on Tuesday, down $1.43.

“We are disappointed and surprised by the top-line results from this trial,” said CEO John Kelly in a statement. “We continue to review the full data set, including in-process data collection on all-cause mortality through day 90, and will share our complete findings at the upcoming American College of Cardiology meeting in March.”

Tenax Therapeutics has the North American rights to develop and commercialize levosimendan, and the Food and Drug Administration has granted fast track status for levosimendan for the reduction of morbidity and mortality in cardiac surgery patients at risk for developing Low Cardiac Output Syndrome.

Levosimendan is a calcium sensitizer used in Tenax’s clinical trail that works intravenously to treat acutely decompensated heart failure.

The company also said that it has a meeting scheduled with the FDA to review the preliminary trial data.

The filing can be found here.