Corcept down on second failed Phase III

CORT fell $0.38 (29%) to $0.93 on Friday after reporting that its Corlux mifepristone missed the primary endpoint in the second of three Phase III trials to treat psychotic features of psychotic major depression. The primary endpoint of Study 09 was the proportion of patients with at least 50% improvement in the Brief Psychiatric Rating Scale Positive Symptom Subscale (BPRS PSS) at day seven and day 28. The company reported in August that Corlux missed the primary endpoint in the first of the three Phase III trials. CORT said that both studies showed an "unusually high" placebo response rate (See BioCentury Extra, Friday, Aug. 25, 2006). ...