January 8, 2018 / 12:54 PM / a year ago

BUZZ-Axovant Sciences: Slumps as key drug program scrapped

** Drug developer’s shares plunge 47.1 pct to $2.84 premarket - stock set to open at record low

** Biggest pct loser among all U.S.-listed stocks premarket

** Says to discontinue its intepirdine program after the lead experimental treatment failed in a mid-stage study on patients suffering from a type of dementia

** Neither of the two doses of intepirdine given to patients with dementia with Lewy bodies resulted in improving their motor function, compared with patients given a placebo, Axovant said

** In Sept, company said it would stop testing its lead drug in Alzheimer’s after it failed to meet the main goals of a late-stage trial

** Pfizer is abandoning research to find new drugs aimed at treating Alzheimer’s and Parkinson’s disease, the U.S. pharmaceutical company announced on Saturday

** Up to Friday’s close, AXON stock had fallen 77.9 percent since it announced the failed trial in Sept (Reporting by Akankshita Mukhopadhyay in Bengaluru)

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