Eli Lilly And Co LLY shares were losing ground Monday following an announcement concerning the result of a Phase 2/3 study of an experimental Alzheimer's drug.
Lilly said an analysis performed by the Washington University School of Medicine on data from a Phase 2/3 study, the Inherited Alzheimer Network Trials Unit, or DIAN-TU, showed that its Alzheimer's experimental drug solanezumab did not meet the primary endpoint.
The DIAN-TU study evaluated 50 solanezumab and 40 placebo patients. The minimum four-year treatment period was completed by 36 solanezumab and 32 placebo participants.
The study, which began in 2010, is being funded by Lilly, Roche Holdings AG Basel ADR RHHBY, Genetech, NIH and other donors.
Lily said at this time it does not plan to pursue a regulatory submission for solanezumab in people with dominantly inherited Alzheimer's disease.
The company said the outcome does not impact its ongoing solanezumab Anti-Amyloid Treatment in Asymptomatic Alzheimer's study.
Lily said it is continuing to conduct additional analysis of secondary endpoints and biomarkers.
The company said the results will be presented at the Advances in Alzheimer's and Parkinson's Focus meeting in April.
Lilly shares were down 1.29% at $144.52 at the time of publication Monday, while Biogen Inc BIIB, which has been having a rocky ride with respect to its Alzheimer's pipeline, was down 0.93% at $335.54.
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