Targacept, AZ dump schizophrenia drug

Targacept and partner AstraZeneca said today that they will not pursue further development of AZD3480 for cognitive dysfunction in schizophrenia patients after the drug failed a mid-stage trial. The study found that the drug failed to improve subjects' attention, vigilance, memory and reasoning, according to BusinessWeek.

In addition to that announcement, AstraZeneca said it would make a decision in the first half of 2009 regarding further development of AZD3480 in Alzheimer's disease and ADHD. Back in September, Targacept announced that the drug failed to demonstrate efficacy against Alzheimer's. The ADHD trial is ongoing.

There was one good piece of news today. A lead compound arising out of the companies' preclinical research collaboration--AZD1446--will enter Phase I trial by the end of the year. AstraZeneca will make a $2 million milestone payment to Targacept.

"We are obviously disappointed that AZD3480 did not meet our goals in the HALO trial," commented J. Donald deBethizy, Ph.D., President and CEO of Targacept. "We thank AstraZeneca for its commitment to AZD3480 and its investment in this pioneering work in an emerging area considered to be critical in the treatment of patients with schizophrenia. We look forward to continuing our cognition-focused collaboration with AstraZeneca."

- see the joint release
- read the BusinessWeek article

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