Minerva Neurosciences slumps as FDA declines to approve schizophrenia drug

Minerva Neurosciences

27/02/2024 13:55

** Shares of Minerva Neurosciences  NERV.O  slumps about
64.7% to $2.40 in premarket trading 
    ** Co says U.S. FDA declined to approve its drug to regulate
behavioral changes in patients with schizophrenia that can cause
social withdrawal and lack of motivation
    ** NERV said the FDA has cited that data from the
mid-to-late stage study of the drug, known as roluperidone, was
not sufficient to establish substantial evidence of its
effectiveness 
    ** The health regulator's decision marks another hurdle for
Minerva, after the agency denied to review of its initial
marketing application for the drug in 2022 
    ** Up to last close, stock rose 10.6% YTD 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))