Eli Lilly & Co. decided to stop developing a potential schizophrenia drug, after an independent futility analysis found the treatment was unlikely to be effective.

The company also said a recently completed phase 2 study, which investigated the drug, pomaglumetad methionil, as an adjunctive treatment in atypical antipsychotics, didn’t meet its primary endpoint, marking the third drug this month that hasn’t met the pharmaceutical company’s primary endpoints. Lilly said its decision wasn’t due to any safety signals.

Lilly said the analysis concluded the second of its two pivotal studies was unlikely to reach its primary efficacy endpoint.

It expects to book a third-quarter charge of roughly two cents a share from ending the phase 3 development. Its full-year guidance remains unchanged.

“I’m disappointed in what these results mean for patients with schizophrenia who still are searching for options to treat this terrible illness,” said Jan Lundberg, executive vice president of science and technology and president of Lilly Research Laboratories. “While there are many challenges in this complex field of research, neuroscience remains a core area of focus at Lilly.”

The company said its development pipeline includes nearly a dozen neuroscience molecules being studied for illnesses such as depression, bipolar disorder and cognitive impairment associated with schizophrenia.

Last week, Lilly said solanezumab, a highly anticipated potential treatment for Alzheimer’s disease, failed to reach its set goals in either of two phase 3 studies, although pooled data from both studies showed signs of the drug slowing cognitive decline overall in patients with mild to moderate cases.

And Lilly said earlier this month a study comparing its Forteo back-pain treatment with a bone-strengthening medicine found no difference between the two in postmenopausal women with osteoporotic vertebral fractures.

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By MELODIE WARNER
Write to Melodie Warner at .(JavaScript must be enabled to view this email address)