AstraZeneca (LSE: AZN, OMXS: AZN, NYSE: AZN) announced this morning that remaining phase 3 efficacy studies with TC-5214 in major depressive disorder also do not meet primary endpoint. The company says it will not pursue regulatory filing. Already in December it was known that the α7 neuronal nicotinic receptor (NRR) modulator failed to meet the primary endpoint change in Montgomery-Asberg Depression Rating Scale.
The studies that the company commented on now were fixed dose studies, so some investors had maintained hopes of a different outcome. RENAISSANCE Programme for TC-5214 is now finished. AstraZeneca is taking an intangible asset impairment charge of 50 million on the remaining value with TC-5214. The news was already discounted in AstraZeneca’s value and the stock climbed ever so slightly for the day. NASDAQ- listed Targacept, Inc on the other hand lost a further 30% of its value today.
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