Adamas Pharmaceuticals Inc. (NASDAQ: ADMS) shares dropped sharply on Tuesday after the firm reported results from its late-stage multiple sclerosis (MS) study. Although the study met its primary endpoint, there appeared to be some hiccups in the study.

Overall, results from the study showed that patients taking 274 mg ADS-5102 had a statistically significant improvement in response rate of 21.1%, compared to 11.3% taking placebo. The response rate for patients taking a lower dose of 137 mg ADS-5102 was 17.6%.

However, ADS-5102 did not demonstrate a significant effect on the secondary walking measures at either dose.

Additionally, the most common adverse events (occurring in greater than 5% of any ADS-5102 treatment group) were: peripheral edema, dry mouth, fall, constipation, UTI and insomnia. It’s worth pointing out that 20.5% of patients discontinued study drug due to adverse events in the 274 mg group, compared to 6.4% in the 137 mg group, and 3.8% in the placebo group.

Neil F. McFarlane, CEO of Adamas Pharma, commented:

We are pleased that ADS-5102 shows a potential benefit for MS patients with walking impairment, for whom there is a significant unmet medical need and limited treatment options. However, as we did not see the scale of clinical benefit we had hoped for in this study we will fully assess the potential for ADS-5102 in MS patients before determining the extent of our continued investment in this program.

Shares of Adamas Pharmaceuticals were last seen down over 41% at $4.26, in a 52-week range of $3.35 to $12.57. The consensus price target is $16.44.

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