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Shares of Tonix Pharmaceuticals
TNXP,
fell Tuesday after the company said it would discontinue development of its treatment for major depressive disorder.
The stock was down 29%, to 42 cents, in after-hours trading, following a 3% rise at Tuesday’s close. Shares are down 76% this year.
The Chatham, N.J.-based pharmaceutical company said that a study of TNX-601 ER, its depression treatment, had not met its primary efficacy endpoint, and had not shown a clinically or statistically meaningful effect on depression severity.
The proof-of-concept trial involved 132 patients, all of whom received the oral formulation of tianeptine designed for daily dosing.
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