Jason Napodano, CFA
Research analyst, medium-term horizon, biotech, small-cap

Signal Vs. Noise: Neurocrine Experiences Second Hiccup With VMAT-2

On September 9, 2013, Neurocrine Bio (NASDAQ:NBIX) reported results from the much anticipated KINECT-1 trial, testing the company's small molecule VMAT2 inhibitor, NBI-98854, for the treatment of tardive dyskinesia. The KINECT-1 study enrolled a total of 109 patients with moderate-to-severe tardive dyskinesia (TD) with underlying schizophrenia or schizoaffective disorder. The trial took place at 33 sites around the U.S. Below we present a snap-shot of the patient profile for the KINECT-1 trial:

Investors can see this was a fairly well randomized trial, with baseline AIMS scores between the three arms offering adequate control. However, the AIMS (Abnormal Involuntary Movement Scale) assessment score varied greatly between the on-site rater, which consisted of 33 separate individuals at each study site

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