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Biotech / Medical : biotech firesales
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From: Ian@SI3/20/2012 5:25:07 PM
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TRGT closed down 30% near the day's low.

Targacept and AstraZeneca (AZN) announce remaining TC-5214 Phase 3 efficacy studies do not meet primary endpoint; regulatory filing will not be pursued ( TRGT) 7.41 : AstraZeneca (AZN) and Targacept announce top-line results from the remaining Phase 3 studies investigating efficacy, tolerability and safety of TC-5214 as an adjunct therapy to an antidepressant in patients with major depressive disorder who did not respond adequately to initial antidepressant treatment. RENAISSANCE 4 and RENAISSANCE 5, both efficacy and tolerability studies, did not meet the primary endpoint of change on the Montgomery-Asberg Depression Rating Scale total score after eight weeks of adjunct treatment with TC-5214 as compared to placebo. These studies conclude the RENAISSANCE Program for TC-5214. Based on the totality of the results, AstraZeneca and Targacept will not pursue a regulatory filing for TC-5214 as an adjunct treatment for patients with MDD.
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