BUDAPEST, June 29 (Reuters) - Hungary’s Richter Gedeon GDRB.BU said on Tuesday that test results of a new drug developed for the treatment of neuropathic pain associated with certain diabetic conditions showed it was not effective.
“Treatment with radiprodil did not show statistically significant or clinically meaningful reductions in mean daily pain scores, the primary endpoint, compared to placebo for any of the dosages studied,” it said in a statement.
Richter, which develops the RGH-896 drug jointly with its U.S. partner Forest Labs Inc. FRX.N, said it would review its options on how to proceed after the Phase II clinical trial result.
“The companies will review the complete study database over the coming weeks to determine the appropriate next steps regarding the development of radiprodil,” Richter said.
At 0716 GMT Richter stock traded 2 percent lower at 40,650 Hungarian forints ($206.7) on the Budapest Stock Exchange, slightly underperforming the blue-chip .BUX index, which was down 1.8 percent.
Analysts said the news was expected to have limited market impact as investors focused more closely on cariprazine, a drug also in the development phase, which is expected to hit the market in 2013-14, based on earlier indications. (Reporting by Gergely Szakacs, editing by Will Waterman) ($1=196.58 Hungarian Forint)