Eli Lilly is a company that is specialised in making a number of pharmaceutical drugs. In the recent past, the company had embarked on a plan to come up with an Alzheimer drug. The developed had spurred growth in the company and attracted a number of gains on the stock market. But, its Alzheimer drug trial recently failed to meet expectations of stakeholders and developers. According to the company’s own announcement, the drug which was trialled in the recent past failed to meet the desired expectations. The development immediately sparked a drop in the company’s stock market shares. LLY, the company’s registered stock dropped by over 14 % closing at a devastating 14.3 % lower.
Details of the company’s drug trial report
The company had recently announced that its drug trial suffered a major setback after results turned out to be contrary to what it had hoped for. This came in the last stages of the trial involving a drug which was due to be commissioned for the treatment of dementia in patients of Alzheimer if it passed the trial. Solanezumab is the name of the drug which was being trialled by the company in a trial period consisting of three phases. But, the results of the trial phase dubbed EXPEDITION 3 proved to be far less than what the company had hoped for.
Chief executive officer of the company said in a press statement, “the results of the trial test are not what we had hoped for. We are sorry to the members of the general public who had been eagerly awaiting the arrival of the drug.”
What this could mean
Meanwhile, the company does not know what impact this could have on its stocks. But, reports suggest that the company’s stock price is expected to sink further in the near future.
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