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Johnson & Johnson (NYSE:JNJ) reportedly decided to abandon development plans with Addex Therapeutics (NASDAQ: ADXN) for epilepsy drug candidate ADX71149 after failure in a Phase 2 clinical study.
According to Fierce Biotech, Johnson & Johnson omitted The drug was included in a pipeline update released Wednesday during its second-quarter earnings. When contacted for comment, Johnson & Johnson told news outlets The company has informed Addex that it will cease development of the drug. Johnson & Johnson added that the move would not affect its partnership with Addex.
According to Fierce Biotech, Addex management said during the company’s earnings call in June that Johnson & Johnson was analyzing data from the study before deciding whether to continue collaborating on the drug.
Addex has been developing the ADX71149 with J&J’s Janssen division.
Shares in Swiss company Addex plummeted in late April after the company announced that a Phase 2 epilepsy study failed to meet its primary endpoint.
