Shares of Biogen Inc. /zigman2/quotes/201531540/composite BIIB -0.90% fell nearly 1% in the extended session Wednesday after the pharma company said it would halt the development of an antibody drug aimed at treating Alzheimer’s disease after a study showed no benefit to patients.
The investigational antibody, gosuranemab, (BIIB092), didn’t show efficacy compared with a placebo in patients with mild cognitive impairment due to Alzheimer’s and mild Alzheimer’s disease dementia.
“No treatment benefit was seen” in assessments and stages, Biogen said.
“While we are disappointed by the results of the Phase 2 study of gosuranemab, we know that the path to innovation is not a straight line, and that we always learn from each trial. We are investing in a broad neuroscience pipeline, including other tau approaches for Alzheimer’s disease,” said Alfred Sandrock, Biogen’s head of research and development.
Biogen’s stock earlier this month rallied on news that another one of its drugs aimed at Alzheimer’s got an approval from the U.S. Food and Drug Administration.
Biogen’s Aduhelm, also known as aducanumab, was the first drug to be approved that promises to actually slow the disease rather than just treat it.