* Says drugs showed no improvement over placebo
* Shares fall 18 pct in extended trade (Adds analyst comments, details, updates share movement)
June 17 Adolor Corp ADLR.O said its experimental drugs to reduce pain for patients with osteoarthritis failed to meet their main goal in a mid-stage trial, sending its shares down 18 percent.
In the study's three drug arms, patients were given either of two Adolor drugs -- ADL5859 or ADL5747 -- or another pain drug, oxycodone, twice daily for two weeks, Adolor said.
The company said the trial showed a high placebo response, with neither oxycodone nor Adolor's drugs demonstrating a statistically significant improvement over the dummy pill.
Wedbush Securities analyst Gregory Wade said the trial was a "failed study," and that it was difficult to make any sense of the results with just the top-line data.
"It's neither an indication the drug does work nor an indication that the drug doesn't work," Wade said.
Oxycodone was used to show that the basic conditions of the study were able to produce a positive result.
The main goal of the study was to show reduction in pain score as measured by the numeric pain rating scale during week two of the study.
Adolor is co-developing ADL5859 and ADL5747 with Pfizer Inc (PFE.N) for different pain indications.
Shares of the company were down at $1.23 in after-market trade. They closed at $1.50 Thursday on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Anne Pallivathuckal)