Thinly traded nano cap Cerecor (NASDAQ:CERC) plunges 47% after hours on increased volume in response to its announcement that a Phase 2 clinical trial, Clin301-203, assessing lead product candidate CERC-301 for the adjunctive treatment of major depressive disorder (MDD) failed to beat placebo. Significant improvement on most secondary endpoints was not observed as well.
One ray of hope was a potentially clinically meaningful treatment effect in the 20 mg dose at day 2. The company says it will continue its analysis of the data.
More complete results will be submitted for presentation at a future scientific conference.
Management will host a conference call this afternoon at 5:00 pm ET to discuss the results.
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