First Wave BioPharma Inc (NASDAQ: FWBI) shares are trading lower after the company received topline results from its Phase 2 SPAN trial investigating an enhanced enteric microgranule delivery formulation of adrulipase for the treatment of exocrine pancreatic insufficiency in cystic fibrosis patients. Initial data from the study indicate the enhanced adrulipase formulation was safe and well tolerated and demonstrated an improvement over prior formulations of adrulipase. However, the preliminary d