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Neurotrope's stock dives as drug fails to improve Alzheimer's symptoms in study

Neurotrope Inc. said its medicine Bryostatin-1 failed to best placebo in improving cognitive deficits in patients with Alzheimer's disease.

The New York-based biopharmaceutical company was studying the medicine in a phase 2 trial, which failed to meet its main objective. After 13 weeks of treatment, Bryostatin-1 did not achieve statistical significance compared to placebo in the Severe Impairment Battery total score — a cognitive measure for evaluating treatment response in advanced Alzheimer's disease.

The company's stock was down by 80.45% on Nasdaq following the news to 86 cents as of 11:24 a.m. ET on Sept. 9.

No statistically significant difference was observed between Bryostatin-1 and placebo on multiple secondary goals either.

Neurotrope CEO Charles Ryan said the company was conducting a full review to determine potential next steps and will update the market when appropriate.