(RTTNews) - Shares of Eli Lilly and Co. (LLY) are losing more than 2 percent in the morning trade on Monday, at $142.95, after the drug maker said results from a trial of its key Alzheimer's drug failed to meet the primary endpoint to slow the rate of progression of the disease. The stock has been trading in a range of $101.36 to $147.87 in the past 52 weeks.
Lilly said analysis performed by Washington University School of Medicine in the Dominantly Inherited Alzheimer Network Trials Unit or DIAN-TU Study showed solanezumab did not meet the primary endpoint.
The goal of the phase 2/3 randomized, double-blind, placebo-controlled study was to test potential disease-modifying therapies in individuals at risk for or with dominantly inherited Alzheimer's disease, which is caused by rare gene mutations.
Lilly also said it currently does not plan to pursue a submission for solanezumab in people with dominantly inherited Alzheimer's disease, based on the result of the primary endpoint. The outcome does not impact the ongoing solanezumab Anti-Amyloid Treatment in Asymptomatic Alzheimer's study, Lilly added.
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