Targacept Schizophrenia Therapy Misses Goals for Improving Symptoms, Cognitive Function

Targacept Inc.'s (TRGT) investigational secondary treatment for schizophrenia didn’t show significant improvement in negative symptoms or cognitive function in a Phase 2b trial after 24 weeks.

The biopharmaceutical company said that it wouldn’t pursue further development of the therapy for the mental illness or for Alzheimer’s Disease.

Shares fell 33% to $4 in recent after-hours trading.

Targacept had been developing the therapy–called TC-5619–as a treatment for negative symptoms and cognitive dysfunction in schizophrenia, and also had been evaluating potential additional development as a treatment for Alzheimer’s disease, according to its website.


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