logo-loader
HealthPharma & Biotech
viewAxovant Sciences

Axovant plunges after lead dementia drug fails mid-stage trial

Axovant said it would now abandon the development of intepirdine completely, with Monday’s dementia disappointment coming only a few months after the drug failed a late-stage Alzheimer’s trial

elderly person with walking stick
Axovant saw hundreds of millions wiped from its value on Monday morning

Shares in Axovant Sciences Ltd NASDAQ:AXON) plummeted in pre-market trade on Monday after the clinical-stage pharma scrapped its lead investigational drug on the back of a failed mid-stage dementia study.

The Bermuda-headquartered firm was the biggest faller in New York before Monday’s opening bell, with the stock down 47.7% to US$5.37.

Axovant had hoped to show that intepirdine would help improve motor function in patients with dementia with Lewy bodies compared with a placebo.

That wasn’t the case though with neither the 35mg or 70mg doses resulting in a “statistically significant improvement” after 24 weeks of treatment.

Monday’s announcement comes just a few months after Axovant said it would stop developing intepirdine for Alzheimer’s following a late-stage trial failure.

“Based on the totality of intepirdine data to date, there is no evidence to support its further development,” said chief executive David Hung.

“We are incredibly disappointed and saddened for the millions of people living with these difficult conditions, and are deeply grateful to the patients, caregivers and investigators who participated in our trials.”

Quick facts: Axovant Sciences

Price: 0 0

NASDAQ:AXON
Market: NASDAQ
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Voyager Digital begins trading on the Canadian Securities...

Voyager Digital (CSE: VYGR) CEO Stephen Ehrlich joined Steve Darling from Proactive in Toronto to discuss the crypto company now listed on the CSE under the ticker VYGR.  Erhlich, who rang the opening bell of the CSE talks about the company, their token, and how they feel their...

10 hours, 47 minutes ago

2 min read