Praxis Precision slumps as PRAX-114 fails in MMD trial

Shares in Boston, USA-based biotech Praxis Precision Medicines (Nasdaq: PRAXI) closed down 78% at $1.88 on Monday, after the company said that a Phase II/III trial of PRAX-114 monotherapy for major depressive disorder (MDD) missed its primary endpoint.

Praxis revealed that the Phase II/III Aria Study evaluating the efficacy and safety of PRAX-114 for monotherapy treatment of major depressive disorder (MDD) did not achieve statistical significance on the primary endpoint of change from baseline in the 17-item Hamilton Depression Rating Scale (HAM-D17) total score at Day 15, or on any secondary endpoints.

Praxis intends to share detailed results in an upcoming medical presentation or publication.