Targacept slides after hours on OAB setback
Targacept Inc. (NASDAQ:TRGT) slid $0.94 (24%) to $3.92 in early after-hours trading on Monday after the company said it was discontinuing development of dexmecamylamine ( TC-5214). Targacept said after market close that top-line data from a Phase IIb trial of dexmecamylamine to treat overactive bladder (OAB) "were not compelling enough to justify the compound's continued development." The compound is an S-enantiomer of mecamylamine, a broad spectrum non-competitive nicotinic receptor antagonist.
The news came two weeks after Targacept discontinued development of TC-1734, a neuronal nicotinic acetylcholine receptor alpha(4)beta(2) agonist that was in Phase IIb testing to treat mild to moderate Alzheimer's disease (AD) (see BioCentury Extra, July 14). ...