VistaGen Therapeutics (NASDAQ:VTGN) stock is falling hard on Friday after the clinical-stage biopharmaceutical company reported poor results from a Phase 3 study.
That clinical trial covers PH94B as a treatment for anxiety in adults with social anxiety disorder. The bad news is that PH94B failed to meet the primary endpoint of the clinical trial. That means it failed to cause a significant change from baseline on the Subjective Units of Distress Scale, or SUDS, when compared to a placebo.
Despite the poor results from the Phase 3 clinical trial, VistaGen Therapeutics isn’t giving up on PH94B just yet. The company intends to continue the ongoing PALISADE-2 Phase 3 trial and Phase 2 trial in adjustment disorder with anxiety.
Shawn Singh, CEO of VistaGen Therapeutics, said the following about the clinical trial results:
The demand for new treatment options for anxiety disorders is large and growing. While the results of PALISADE-1 are not consistent with prior positive results from Phase 2 trials of PH94B in social anxiety disorder, we remain committed to transforming the treatment landscape for those living with anxiety, depression, and other central nervous system disorders.
It’s worth pointing out that PH94B is one of three drug candidates in the company’s pipeline. Its drug candidates are in development to treat anxiety, depression, as well as other neurological disorders.
VTGN stock is experiencing heavy trading today alongside the clinical trial results. This has some 108 million shares on the move as of this writing. For comparison, the stock’s daily average trading volume is about 1.2 million shares.
VTGN is down 85.3% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
