Corcept tanks as depression drug candidate fails in Ph III study

California, USA-based Corcept Therapeutics (Nasdaq: CORT) saw its shares plunge 50.5% to $1.99 yesterday, after it said it is discontinuing its Phase III psychotic depression study (Study 14) of mifepristone based on the recommendation of the study's data monitoring committee that the study was unlikely to meet its primary endpoint with statistical significance.

An interim analysis of data from the first 226 patients to enroll in Study 14 showed that the study had failed to reach its primary endpoint - a rapid and sustained reduction in the patients' psychotic symptoms - with statistical significance. The independent data monitoring committee advised Corcept that continuing the study to its full enrollment of 450 patients would be unlikely to generate a statistically-significant result. As a result, Corcept has decided to discontinue Study 14 and redeploy resources to more promising programs, particularly in oncology.

Clinical pipeline progress