Corcept falls on 1Q14 financial results, trial discontinuation

Corcept Therapeutics Inc. (NASDAQ:CORT) fell $2.03 (50%) to $1.99 on Wednesday after the company reported 1Q14 financial results that missed the Street and disclosed that it discontinued the Phase III Study 14 of mifepristone to treat psychotic depression. The discontinuation came after an interim analysis of 226 patients with psychotic depression by an independent DMC found once-daily oral mifepristone was unlikely to meet the primary endpoint of a greater proportion of patients who achieve a score reduction on a standardized psychiatric rating scale from baseline to day 56 vs. placebo. The double-blind, U.S. trial was slated to enroll about 450 patients with psychotic depression.

Corcept markets the progesterone and cortisol receptor antagonist in the U.S. as Korlym to control hyperglycemia in adults with endogenous Cushing's syndrome who have Type II diabetes or glucose intolerance. Cushing's syndrome is a hormonal disorder caused by prolonged exposure to high levels of cortisol. Last year, Corcept submitted an MAA to EMA for the drug under the name Corluxin to treat endogenous Cushing's syndrome. ...