Shares of Arena Pharmaceuticals were dented after the developer announced that a Phase IIb trial of a new insomnia drug--APD125-- failed to hit its primary or secondary endpoints and will be shelved.
The developer says it will now keep its focus centered on keeping its obesity drug Iorcaserin on track to a new drug application by the end of next year. Phase III data is scheduled to arrive at the end of the first quarter of 2009.
"While we are disappointed and anticipated a different result based on objective polysomnographic results from our previous studies, our priority remains the successful development of lorcaserin, our proprietary investigative treatment for obesity. We expect to announce lorcaserin results from BLOOM, our first pivotal Phase 3 clinical trial, around the end of March and to file a new drug application for lorcaserin by the end of 2009," said CEO Jack Lief. "We look forward to the opportunity to review our lorcaserin program, as well as other programs, at our upcoming R&D Day on December 15."
- read the press release