(Adds details, background)
July 14 Targacept Inc said it was
ending a mid-stage trial on its Alzheimer's drug as it did not
show superiority over standard medication, sending its shares
down as much as 19.8 percent.
The drug, TC-1734, which was being tested against Pfizer
Inc's donepezil, had earlier failed another mid-stage
trial conducted by partner AstraZeneca Plc.
"Based on (today's) results, we do not intend to invest in
further development of TC-1734," Targacept Chief Executive
Stephen Hill said.
UK-based AstraZeneca returned rights to the drug in March
but the companies continue to co-develop another Alzheimer's
The latest failure marks another setback to Targacept's
already thinning pipeline. In September, the company
discontinued the development of its schizophrenia drug, TC-5619
after it failed a mid-stage study.
(Reporting By Amrutha Penumudi; Editing by Don Sebastian)