Pharma giant Abbvie Inc (NYSE:ABBV) has disclosed that Phase 2 trials of its emraclidine schizophrenia treatment have failed to meet their primary endpoint objectives.
The treatment did not show a significant reduction in the mental illness’ symptoms compared to a placebo.
"While we are disappointed with the results, we are continuing to analyze the data to determine next steps," said AbbVie’s chief scientific officer Roopal Thakkar.
He added: "We would like to extend our gratitude to the study participants and their loved ones as well as to our network of clinical investigative sites for their participation in these trials.
“We are confident that our innovative pipeline will continue to bring meaningful therapies to patients, and we remain committed to finding better treatments for people living with psychiatric and neurological disorders."
The studies, designed to assess emraclidine's efficacy in reducing acute psychotic symptoms in adults, were conducted over six weeks with a primary focus on improvement in the Positive and Negative Syndrome Scale (PANSS) score compared to a placebo.
AbbVie’s shares flopped 12.3% as a result, wiping $38 billion from the company’s valuation.