France-based biopharma company Medincell (Euronext: MEDCL) this morning revealed it is to receive a $5 million development milestone from Israel’s Teva Pharmaceutical Industries (NYSE: TEVA) as the SOLARIS study completed.
The pivotal clinical Phase III trial for the olanzapine long-acting injectable (LAI) in schizophrenia (SOLARIS) has been completed, following the final visit of the last patient in the 48 weeks open-label safety period, according to Teva, which finances and pilots the regulatory development of the product (mdc-TJK / TEV-'749).
Despite the positive news, Medincell’s shares were down 2.5% at 15.40 euros by late morning.
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