Eli Lilly & Co. suffered a potentially devastating setback July 11 as it reported the failure of the first of two pivotal Phase III trials for pomaglumetad methionil in schizophrenia. The compound, a first-in-class metabotropic glutamate 2/3 receptor agonist, was being developed as a possible successor to the firm’s atypical antipsychotic Zyprexa (olanzapine), a multi-blockbuster that lost patent protection in 2011.
A prodrug also known as LY2140023, pomaglumetad was the first compound in its class to demonstrate antipsychotic properties in human...