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.”