(Reuters) - Shares of Biohaven Pharmaceutical Holding Company Ltd fell 16% on Monday after its treatment for anxiety disorder failed to meet the main goal in a late-stage study.
In the study, patients receiving the experimental drug, troriluzole, twice everyday did not show improvement in anxiety symptoms, compared to a placebo, the company said.
Biohaven said it would not develop the drug as a standalone treatment for generalized anxiety disorder, which is characterized by excessive and persistent worry that are difficult to control and interfere with day-to-day activities.
Chief Executive Officer Vlad Coric said the drug was being tested in other diseases such as obsessive compulsive disorder, Alzheimer’s and Spinocerebellar Ataxia.
Biohaven said it continues to prepare for potential launch of its migraine drug rimegepant, with the FDA expected to make a decision on its approval in the first quarter.
Biohaven shares were down 16% at $43 premarket.
Reporting By Mrinalika Roy in Bengaluru; Editing by Saumyadeb Chakrabarty