Drug developer Targacept Inc. (NASDAQ: TRGT) and partner AstraZeneca plc (NYSE: AZN) today announced that they will not file for regulatory approval on an anti-depressant drug called TC-5214 following a trial in which the drug did no better than placebo. The writing has been on the wall on TC-5214 since an announcement in December that the drug had failed to meet its endpoint in a phase II trial.
Targacept’s CEO said that the company has been preparing for this possibility and that it will announce its plans by the end of April. The company has more than $225 million in cash available according to the CEO.
Targacept’s shares are down -27% at $5.41 in a 52-week range of $4.91-$27.22. AstraZeneca’s shares are up about 0.4% at $45.58 in a 52-week range of $40.89-$52.54.
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