Minerva Neurosciences Inc.'s depression treatment MIN-117 failed to significantly reduce symptoms of depression compared to placebo in patients with major depressive disorder during a mid-stage study.

The Waltham, Mass.-based biotechnology company was evaluating 2.5-milligram and 5-milligram doses of the drug in adult patients with moderate to severe major depressive disorder in the six-week phase 2b trial.

Both doses of the drug failed to reduce symptoms of anxiety over the six-week treatment period.

Minerva Executive Chairman and CEO Remy Luthringer expressed disappointment with the results and said the company has no plans to further develop the drug in the major depressive disorder indication.