Targacept to drop TC-6987 in diabetes on mixed trial results
US drug developer Targacept (Nasdaq: TRGT) saw its shares drop 5% to $5.12 ,after the company announced mixed results of its Phase II studies with TC-6987, and announcing its decision to drop development of the products as a treatment for diabetes.
Targacept, which is developing novel NNR Therapeutics, announced top-line results from two separate exploratory Phase II studies of its product candidate TC-6987 conducted in the USA, one in asthma and one in type 2 diabetes. In the asthma study, oral TC-6987 met protocol-defined success criteria (one-sided p < 0.1) on both co-primary outcome measures, change from baseline in forced expiratory volume for adjunct TC-6987 compared to adjunct placebo measured at two time points on day 28 (51ml and 58ml).
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