Shares of Cortex Pharmaceuticals Inc., an Irvine-based drug developer, fell about 16% Wednesday after it said that its flagship drug fell short of expectations.
Cortex said that a study testing CX717, its lead drug candidate for wakefulness, didn’t differ from a placebo. That was a different result than seen from previous tests.
CX717 was found not to boost cognitive performance during a study covering simulated night shift work spanning four nights with restricted daytime sleep. By contrast, a sleep-deprivation study conducted last year in the United Kingdom did show CX717 effective in keeping people alert after 27 hours with no sleep.
Cortex also has looked at CX717 for uses in attention deficit and hyperactivity disorders, as well as Alzheimer’s disease.
The company has had some issues with CX717. In April, the Food and Drug Administration stopped studies over concerns raised from animal test data. Cortex gave regulators a new research plan and has said it expects the FDA to remove the hold on clinical trials.
Cortex shares were down about 55 cents to $2.89 in midday trading on the American Stock Exchange.
