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Concert Pharmaceuticals (NASDAQ: CNCE) shares have plunged on Monday after the company revealed its Phase 2 clinical trial to evaluate CTP-692 did not meet its primary endpoint or other secondary endpoints.
The drug was being tested as a treatment for patients with schizophrenia.
Concert's stock price is down 37.82% at $6.51 per share following the news.
“The body of evidence in the field supporting D-serine as an adjunctive treatment for schizophrenia was compelling and led us to advance CTP-692 into a Phase 2 proof of concept study. Unfortunately, we didn’t see the results we hoped for to support continuation of this program,” said Roger Tung, President and CEO of Concert Pharmaceuticals
The Phase 2trial was a double-blind, randomized placebo-controlled study to evaluate the safety and efficacy of CTP-692 with the primary endpoint being a change in the positive and negative syndrome scale total score at 12 weeks compared to baseline.
A total of 325 patients received one, two, or four doses of the treatment or placebo once-daily, however, the treatment did not show a statistically significant improvement over the placebo at any of the quantities.
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