Shares of Targacept swiftly plunged 20 percent this morning after reporting that an experimental pain therapy--TC-2696--failed a mid-stage study and may not be a viable therapy for treating post-surgery pain. Researchers failed to find statistically significant pain relief four to six hours following surgery, compared to a placebo effect. Targacept plans to analyze the data and talk it over with its partner, GlaxoSmithKline.
- check out this release
- here's the AP report for more
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