Cortexyme sinks on negative Phase II/III GAIN trial data in Alzheimer's

Having risen nearly 50% over the last six month to $57.68, US biotech Cortexyme (Nasdaq: CRTX) saw its shares tank 72% to $16.18 in after-hours trading yesterday, after it revealed that its investigational oral Alzheimer’s candidate failed to achieve a clinical goal.

Cortexyme reported top-line results from its Phase II/III GAIN Trial, a double-blind, placebo-controlled study evaluating the efficacy of atuzaginstat (COR388), an investigational orally administered small-molecule that targets gingipain proteases from the bacterium Porphyromonas gingivalis (P. gingivalis).

The 643-participant study in mild to moderate patients with Alzheimer’s disease did not meet statistical significance in its co-primary cognitive and functional endpoints as measured by ADAS-Cog11 and ADCS-ADL at end of the treatment period in the overall cohort.