** Shares of therapy developer Neurogene fall 46.9% to $37.99 aftermarket

** Co says it does not expect to move forward with the development of its gene therapy for Batten disease

** Says the decision was made after the FDA denied co's Regenerative Medicine Advance Therapy (RMAT) application to the FDA for the gene therapy

** A therapy is eligible for RMAT designation if it is used for treating a serious or life-threatening disease or condition and if preliminary clinical evidence shows the therapy has potential to address unmet medical needs

** Co says it is currently evaluating options for the developmental program

** Batten disease is a rare, inherited, and fatal disorder that affects the nervous system

** Up to last close, stock up more than double YTD

(Reporting by Christy Santhosh)

((Christy.Santhosh@thomsonreuters.com))