Eli Lilly and Co
“Patients treated with solanezumab did not experience a statistically significant slowing in cognitive decline compared to patients treated with placebo (p=.095), as measured by the ADAS-Cog14 (Alzheimer's Disease Assessment Scale-Cognitive subscale),” Eli Lilly said in a
As such, Lilly will not apply for regulatory approval for solanezumab for this indication and would work with investigators to appropriately conclude the open-label extensions for EXPEDITION, EXPEDITION2 and EXPEDITION3 trial.
The next steps for the remaining elements of the solanezumab development program have not yet been determined.
Further, Eli Lilly would incur a fourth-quarter charge of about $150 million (pre-tax), or approximately $0.09 per share (after-tax) related to the study. The company is expected to provide an updated outlook for 2016 and announce its 2017 financial guidance on December 15, 2016.
Shares closed Tuesday’s session at $75.99. In the pre-market hours Wednesday, shares fell 15 percent to $64.65.
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