Shares of Noven Pharmaceuticals were trimmed 16 percent this morning after researchers announced that a late-stage therapy for bipolar disorder had flunked its Phase III trial. The once daily lithium treatment, Lithium QD, was not significantly effective in treating acute mania. That had to be particularly bad news at Noven, which acquired the therapy when it bought JDS Pharmaceuticals earlier this year.
"Both the Noven and JDS teams are very surprised and disappointed that the study did not achieve its primary endpoint," said Noven CEO Robert Strauss. "We are currently analyzing the data to determine why statistical efficacy was not achieved."