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Surprise Failure for Intra-Cellular Therapies’ Schizophrenia Drug Sends Shares Tumbling

 
• By Alexandra Shimmings

The unexpected failure of a Phase III trial of Intra-Cellular Therapies’ lead product ITI-007 sent shares in the company down by more than 63%.

Scientist

A second Phase III study of Intra-Cellular Therapies Inc.’ lead drug candidate, ITI-007 for schizophrenia, has failed to replicate the promising results of the first, sending the New York-based firm’s share price down by 63% to $15.66 on NASDAQ on Sept. 29.

Data from the latest (302) trial show that neither dose of the first-in-class drug tested separated from placebo on the primary endpoint measure of change from baseline on the Positive and Negative Syndrome Scale (PANSS) total score, in the pre-defined patient population

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