Axovant falls on read-through concerns for AD program

Axovant Sciences Ltd. (NYSE:AXON) lost $2.99 (18%) to $13.66 on Tuesday after Pfizer Inc. (NYSE:PFE) disclosed in a pipeline update that it discontinued development of a serotonin (5-HT6) receptor antagonist for Alzheimer's disease. Axovant's RVT-101 is a 5-HT6 receptor antagonist in Phase III for AD.

According to ClinicalTrials.gov, Pfizer stopped a Phase II trial of PF-05212377 ( SAM-760) in October because "interim analysis futility criteria were met." The 12-week trial was evaluating a 30 mg once-daily dose of PF-05212377 in patients with mild-to-moderate AD with existing neuropsychiatric symptoms who were on donepezil therapy. ...