Axovant craters after discontinuing dementia candidate

Axovant Sciences Ltd. (NASDAQ:AXON) sank $3.06 (57%) to $2.31 on Monday after discontinuing development of intepirdine (RVT-101), which missed the primary endpoints of the Phase IIb HEADWAY and Phase II Gait and Balance studies in patients with dementia.

In HEADWAY, both once-daily 35 mg and 70 mg oral intepirdine failed to improve motor function as measured by the Unified Parkinson's Disease Rating Scale (UPDRS) Part III at week 24 vs. placebo (worsening of 2.01 points, p=0.158 and improvement of 0.74 points, p=0.607, respectively)...